The Democrats are pushing for yet another stimulus package to revive our moribund economy. As of this writing, they have been unable to round up the requisite 60 votes to push the package through the Senate. President Obama has urged deficit-wary moderates to get on board, calling the bill “essential” to addressing the ongoing economic “emergency.” A handful of senators stand in his way, unopposed to the spending in principle but unwilling to vote for another bill that adds to this year’s $1.3 trillion deficit.

If the Democrats prevail, it will be the third time that Congress has extended provisions of …