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10:51 AM, Jan 26, 2009 • By MICHAEL GOLDFARB

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Obama's rhetoric suggests that he understands this issue. But does Congress? Can the American political system rise to the challenge? The United States will have to enact extraordinary measures, many of them unpopular, run up huge deficits, then just as quickly start to unwind these guarantees and commitments, get onto a path of strict fiscal prudence, reform entitlements and bring our financial house in order. If we don't, the world will talk not of American power but weakness. America will be a model, all right, but of pride and its fall.

Well, of course Obama understands the issue -- as Zakaria told Playboy last spring, "I think he's right about every issue he's been criticized on." But perhaps Zakaria could cut Congress some slack for failing to see how running up "huge deficits" will put this country onto "a path of strict fiscal prudence...and bring our financial house in order."