The huge federal deficit looks bad on paper, but interest rates remain low. There seems to be no tangible consequences from being in debt to make life hard for George W. Bush.
The debt has not driven up interest rates, as some economists predict, by drying up available capital. In fact, rates are the lowest they have been in years, thus fueling real estate mania.
Who is suffering because the ledger books look bad?
On the other hand, lots of folks would suffer if spending was cut deeply enough, or taxes were raised, to right the ledger.
That's why Bush is said to be "spending like a drunken sailor," but it works. There never seems to be a shortage of capital to borrow or consequences from being in debt.
China giving us her money? Our own printing presses running? Money growing on trees?
Maybe it's just as well as huge cuts would be catastrophic.