The fiscal storm clouds are already gathering for newly-elected District of Columbia Mayor Adrian Fenty. A Washington Post article reports that the city faces an unanticipated revenue shortfall of $300 million over the next two years. No big deal ... except that as a candidate seeking to distinguish himself from a crowded Democratic primary field this past spring, Fenty took a "no new taxes" pledge, arguing that that the books could be balanced with that old favorite, eliminating "waste, fraud and abuse." The new projected shortfalls are, of course, only projections ... but they serve as a dramatic reminder of the dangers of not leaving all fiscal policy options on the table.