From today's New York Times, "The New Republicans":

Republicans have always enjoyed their reputation as the champions of business. The difference now is that they no longer couple their business-friendly attitudes with tight-fistedness. Discretionary spending has jumped 27 percent in the last two years; budget hawks complain Congressional pork is up more than 40 percent. Some of that money has gone to buy the allegiance of wavering party members in the closely divided House and Senate, but much of it is directly tied to the demands of big business. Agriculture subsidies to corporate farms have swollen to new heights, while energy policy has been reduced to a miserable grab bag of special benefits for the oil, gas and coal companies. The last Bush energy bill, which passed the House but died in the Senate, seems likely to be remembered most for the now-famous subsidy for an energy-efficient Hooters restaurant in Louisiana.

The two halves of Republican policy no longer fit together. A political majority that believes in big government for people, and little or no government for corporations, has produced an unsustainable fiscal policy that combines spending on social programs with pork and tax cuts for the rich. Massive budget deficits have been the inevitable result. Something similar happened in the Reagan administration. But unlike Ronald Reagan, Mr. Bush has given no hint of a midcourse adjustment to repair revenue flow. In fact, his Congressional leaders talk of still more tax cuts next year to extend the $1.7 trillion already enacted. That would compound deficits, which could reach $5 trillion in the decade.

This, it appears, is what compassionate conservatism really means. The conservative part is a stern and sometimes intrusive government to regulate the citizenry, but with a hands-off attitude toward business. The compassionate end involves some large federal programs combined with unending sympathy for the demands of special interests. If only it all added up.