Even in a nation inured by the savings-and-loan crisis to catastrophes that come in big numbers, the revised forecast of the federal budget deficit is incredible. More astonishing, however, was the inept attempt at damage control and political bullying by Treasury Secretary Nicholas Brady and Budget Director Richard Darman.

After revealing that their projections were off by only $100 billion, Brady and Darman attempted Monday to play on the gullibility of the American public and on the fear that they see in the eyes of every congressman and senator cowering on Capitol Hill.

Much of the total $168.8 billion in this year’s red ink will fall under the Gramm-Rudman ax this fall unless dramatic action is taken quickly, said the administration spokesmen, who then presented a tick list of potential program casualties that was intended only to intimidate.

Instead of citing any of hundreds of millions of dollars in potential savings proposed by the Grace Commission or other respected critics of the federal bureaucracy, Darman warned of cuts in spending to vaccinate children, to clean up toxic waste and to inspect meat and poultry for contamination and disease. Another possibility: hours-long delays at airports (while compromising safety), after the government is forced into massive layoffs of air-traffic controllers.

Democrats, meanwhile, were busy blocking passage of a balanced budget amendment, one of a few meaningful methods to directly confront the deficit, or they were blaming President Bush for stalemating the budget reduction plan.

At this moment, the American electorate is paying for a rare and expensive spectacle, an unobstructed view of its politicians struggling to summon the courage to do what is best, and what is right. The perception is that they are failing in the task. The fear is that even if they could find the will to meet this awesome responsibility, they would not know how.