Random Walk

■ My old pal “Loophole Lloyd” Bentsen announced last month that the federal deficit for 1993 came in at $255 billion. That’s $35 billion higher than any Reagan deficit and $70 billion higher than the average level of borrowing during the decade of debt.

So was the announcement greeted with the usual handwringing and predictions of economic doom? Not at all. In fact we got rejoicing at the White House and on Capitol Hill. The numbers are supposed to prove that the 1990 budget deal was a triumph after all, the Clinton tax increase is working, and, most importantly, we can all stop worrying about the deficit.

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■ My old pal “Loophole Lloyd” Bentsen announced last month that the federal deficit for 1993 came in at $255 billion. That’s $35 billion higher than any Reagan deficit and $70 billion higher than the average level of borrowing during the decade of debt.

So was the announcement greeted with the usual handwringing and predictions of economic doom? Not at all. In fact we got rejoicing at the White House and on Capitol Hill. The numbers are supposed to prove that the 1990 budget deal was a triumph after all, the Clinton tax increase is working, and, most importantly, we can all stop worrying about the deficit.