Treasury Secretary Tim Geithner told ABC’s George Stephanopoulos on Sunday that “We have to bring these deficits down very dramatically.” This is the understatement of the new century: Many private economists now predict that deficit spending will surpass $2 trillion this year, with $10 trillion more borrowing over the next decade.

How will the Obama administration cope with this budget recklessness? Mr. Geithner and Larry Summers, Mr. Obama’s director of the National Economic Council, hinted last weekend that taxes on everyone...