I've heard a lot of talk over the years that I've been on Capitol Hill about the need to reign in spending - from both parties.

In the end, most of that was just talk.

Today we will hear more from President Obama, as he names the head of the new stimulus oversight board, whose job it is to prevent wasteful spending from the economic stimulus law and then convenes a "fiscal responsibility summit."

I know most of you figure it won't work.

Oddly enough, the best configuration we've had in terms of a political basis for holding down spending came when Bill Clinton was in the White House and the Republicans controlled the Congress.

At one point, with extra revenue flowing in during the initial dot-com revolution and associated economic gains, the Treasury Department simply started paying down the federal debt, because the Congress and the White House were gridlocked over spending.

Clinton wanted more spending - the GOP in Congress wanted less - and so they agreed on a framework to limit the growth of government.

That framework was in place until the early years of the Bush Administration, when the last President let it lapse, along with the GOP Congress. The results have not been pretty in terms of red ink, as the overall debt doubled during the Bush years.

Now we have a new sheriff in town, who is talking the talk again about holding down spending, specifically holding down waste on the big economic stimulus bill.

"We cannot tolerate business as usual," President Obama told a group of mayors last week as he urged them to prevent wasteful stimulus spending.

He even went so far as to say that he would block any project that seems to waste stimulus dollars.

"I will call them out on it," the President said at the White House.

So, once again we have the chance for leadership on the budget from the White House.

And we will see again whether the Congress of the same party listens, or whether the President actually does more than talk.

Leadership is an interesting intangible for a President. They don't call it the 'bully pulpit' for nothing.

But just as Congress realized that George W. Bush would threaten vetoes and never make any while the GOP controlled the House and Senate, Democrats now controlling Congress probably figure that Obama won't cross them either.

Like I said, we'll see if this new President can change the dynamic, or if the Congress of the same party doesn't really listen.