For example, baseball players' salaries are coming down. Bobby Abreu, a very consistent player who made $16 million last year while hitting .296 with 20 homers and 100 RBIs, could only get a one-year $5 million dollar deal this year. I suspect that the real damage to baseball contracts will get done next year after a lot of skybox contracts aren't renewed this year.
Is Wall Street going to be handing out huge bonuses again this year?
Are oil companies going to be making vast profits?
So, there's no way Obama can cut taxes on the bottom 95% without running up huge deficits. Of course, those "unexpected" deficits will be redefined as additional "stimulus" due to the financial crisis. But that level of spending will then get built into expectations for the future.