Hello to you all
While deficits are worrying and potentially dangerous, opposition polititians tend to exaggerate their danger for pure political reasons. Current account deficits are much more dangerous since they affect the value of the currency directly but deficits, especially if they are internal deficits, are much safer.
For example, when republicans ruled, they defended aquiring massive deficits as necesary for growth but when running deficits was necessary for saving the economy they began to yell and scream. The US debt is about 80% of the GDP which is mild compared to Japans 180%. Yet the economy and currency in Japan is in good condition thanks to their current account balance.
Plus with Obama and Bush's packages, the federal government is actually going to make money just as the God of the conservative movement Reagan did when he bailed the banks in the savings and loans crisis.
The US budget, taxation and government accounting systems need a massive overhaul and currently is the best time to do that. Large amounts of money is wasted and never returned because of the complexity of laws and much tax money isn't collected at all despite that it can cancel a large part of the deficit.
Al-Jassas