MAYBE I OVER-REACTED

(h/t E.D. Kain)

David Leonhardt of the NYT argues that the agreement Pres. Obama made will have a truly stimulative effect:

Subtract the $400 billion cost of the Bush tax cuts. Subtract another $140 billion or so, which is the cost of extending the Alternative Minimum Tax patch (and almost certainly would have happened regardless). You’re then left with more than $300 billion in net stimulus over two years. And while that sum will not be enough to fix the economy all by itself, it is serious money.