Robin Harding in Washington

It is hard to remember how U.S. politicians behaved when the deficit was not their overriding electoral concern. By late next year, we may be finding out since the U.S. deficit is on a remarkably rapid decline, according estimates.

A senior Republican congressman wants to appoint a bipartisan commission that could mean a radical change in the mandate of the Federal Reserve. The bill is one of the most serious attempts to revamp the Fed for years.