Okay, now the Repubs. are really, really worried about deficits

The economic debate highlights yet another reason why Republicans have no credibility. And, also demonstrates why Obama has to be very, very careful when dealing with them. The Republicans have no scruples:

Out of power, Republicans appear to be retreating to familiar old ground. They're becoming deficit hawks again.

GOP lawmakers didn't seem to mind enjoying the fruits of government largesse for the past eight years while one of their own was in the White House. Now they're struggling to regain footing at a time of economic rout, a record $1.2 trillion budget deficit and an incoming Democratic president claiming a mandate for change.

It might not be the best time for running against more government spending. But that hasn't stopped Republicans from casting themselves as protectors of the public purse, striving for relevancy as Congress tackles President-elect Barack Obama's stimulus legislation.

"Congress cannot keep writing checks and simply pass IOUs to our children and grandchildren," says Sen. John Cornyn, R-Texas. Asks House Minority Leader John Boehner, R-Ohio: "How much debt are we going to pile on future generations?"

For the record, as this AP article notes, when George Bush took over with a GOP Senate and GOP House, our country was on track to have surpluses. Now, we've got a $1.2 trillion deficit adding to the enormous debt. So, the GOP's new-found fiscal discipline rings hollow -- and is cravenly political. That's a problem for the GOP:

"It's hard to oppose fixing the economy right now," said Stanley Collender, a former congressional budget analyst now with Qorvis Communications, a Washington consulting firm. Collender said the depth of the crisis makes it difficult for fiscal conservatives in either party "to say that deficits are something that should be addressed right now."

"If you say that, you kind of lose credibility," Collender said.

If you've got no credibility, you've got nothing to lose.

Once the final stimulus package is presented to Congress, opposition to it has to mean opposition to fixing the economy. Are the Republicans who created the mess willing to push the country off the cliff into a depression? That's the question.