Recently the Representatives in the U.S. Congress voted to "suspend" the federal debt limit for at least four months, allowing serious talk about reducing federal spending and deficits to take a backseat, at least temporarily. Still, there is continued talk of government cutbacks that may take place if compromise isn't reached. But the fact that U.S. budget deficits have exceeded $1 trillion dollars for each of the past four years, without serious consequence, seems to underscore the argument by many congressmen, academics and the media that deficits don't matter.
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