ABC News' The Note: First Source for Political News

Ron Fournier's on the road again and gives us a short-and-to-the-point synopsis of what happened yesterday on the trail. LINK

The Las Vegas Review-Journal's Erin Neff reports, "For the first time in Nevada history, all four candidates on the Republican and Democratic presidential tickets will campaign here in the same week, placing an additional spotlight on the Battle Born state as a battleground." LINK

More: "It is a fitting place for the convention, as Nevada has the highest percentage of activated National Guard members in the country. At times this year, nearly 60 percent of the Nevada Guard was serving overseas."

And more: "The Democratic National Committee will launch a new ad today in Nevada and other battleground states, focusing on Guard service. The 30-second spot says Republicans have failed to equip troops and are to blame for involuntary extensions of duty."

USA Today 's shoe-leathery Bill Nichols previews the National Guard Association speeches by Bush and Kerry, reporting, "In more than two dozen interviews of the nearly 4,000 delegates and exhibitors arriving here [in Las Vegas], current and retired Guard members offered the same advice to Bush and Kerry: Focus on the future of the military and give the rehash of Vietnam a rest." LINK

For more on the National Guard Association of the United States, click here: LINK

The Wall Street Journal 's Anne Marie Squeo deftly reports on Bush and Kerry's mutual calls for broadband for all, Noting that "both duck a central issue: Should a nationwide broadband rollout be subsidized by the government?"

The Wall Street Journal 's editorial board thinks Kerry is calling for détente with Iran and North Korea. The board does not like what it hears.

The Washington Post ed board argues that while neither President Bush or Senator Kerry has anything resembling a real plan to cut the deficit, Kerry has "endorsed real budget discipline measures" as Bush, "despite those changed circumstances [of 9/11], and the additional costs of prosecuting the war in Iraq . . . pressed ahead with tax cuts that dug the hole deeper — and he wants even more, at a far higher cost, if he is reelected." LINK

We bet that the end of George Melloan's Wall Street Journal column extolling the virtues of the Bush economy will make Bob Rubin and Roger Altman (and Paul Krugman) annoyed:

"The Bush administration likes to take credit for the recovery and it has a legitimate claim. Instead of trying to finance homeland security and the Iraqi war and reconstruction with higher taxes, it made the crucial decision to lower taxes instead. A reduced tax burden correlates with faster economic growth just about anywhere you look."

"The upshot of all that spending, of course, was a large federal deficit, now estimated at $422 billion for the fiscal year ending 16 days from now. Earlier, a $477 billion shortfall was predicted, but faster growth pumped up revenues. The deficit is huge, of course, and Mr. Bush has caught hell from both left and right for not exercising better control of spending. Yet Dems of the past, citing the sainted Lord Keynes, would have argued that deficit spending was exactly the right medicine for recession. A better argument is that when interest rates are low, it's wiser to borrow than to tax."

"It's wiser still to control spending. But that's an argument for another time. Right now, Mr. Kerry has a problem. The good times are rolling on."

"Another time," indeed!!!

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