What's next?

Megan McArdle tries to figure out the next move on the deficit - it's a trillion dollars, remember that?
Both of our parties seem increasingly detached from fiscal reality, perhaps because most American voters have themselves moved to la-la land, where we can have a balanced budget, no tax increases except on the rich, and no spending cuts except in foreign aid. Luckily for us, so far the bond market seems to be vacationing there as well.