Hey deficit hawks...

...Steven Pearlstein writes in the Washington Post today (my emphasis):

This week, Princeton's Alan Blinder, a former vice chairman of the Federal Reserve, and Mark Zandi, chief economist at Moody's Analytics and a onetime adviser to John McCain's presidential campaign, released a paper laying out in simple and compelling terms how the government saved the country from another Great Depression. Using a standard econometric model, they backed out everything the government did to tame the financial crisis and stimulate the economy -- the zero interest rates and extraordinary lending by the Fed, the bailouts of the banks and the auto companies, the takeover of Fannie Mae and Freddie Mac, the tax cuts and the infrastructure payments and the money for the states. And what they concluded is that, without these actions, the economy would now be 8 percent smaller, with 8 million fewer jobs and a federal budget deficit this year of $2 trillion rather than $1.4 trillion.