The DEFAULT value clause in a data type specification indicates a default value for a column. With one exception, the default value must be a constant; it cannot be a function or an expression. This means, for example, that you cannot set the default for a date column to be the value of a function such as NOW() or CURRENT_DATE. The exception is that you can specify CURRENT_TIMESTAMP as the default for a TIMESTAMP column.

Reference pages:
http://dev.mysql.com/doc/refman/5.0/en/date-and-time-functions.html
http://dev.mysql.com/doc/refman/5.0/en/data-type-defaults.html
http://dev.mysql.com/doc/refman/5.0/en/timestamp.html
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