With Election Day approaching, last summer’s fracas over the federal government’s debt limit has returned. Republicans will demand cutting, freezing or privatizing federal programs to rein in spending. Democrats will propose narrowing the deficit by instituting "tax fairness" reforms such as the Buffett rule or by allowing portions of the Bush tax cuts to expire.
No one will defend a large outstanding federal debt as a benefit to the nation. That hasn't always been the case.
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