SAN FRANCISCO -- The city of Vallejo filed for bankruptcy protection Friday to deal with a ballooning budget deficit caused by soaring employee costs and declining tax revenue.

WASHINGTON -- Democrats are finding more excuses to ignore the promise they made when they took over Congress that they wouldn't pass laws increasing the budget deficit.

F ormer Gov. Pete Wilson famously -- or infamously, depending on your politics -- raised taxes to help tame a behemoth budget deficit. I asked him recently whether, 17 years later, he had any regrets.