Instead, Obama is trying to change an economic debate that has been focused on deficits and on managing the national debt to one about middle-class opportunities and economic growth.

NPR: Obama Bypasses Congress With Public Economic Pitch

The deficits and national debt will more or less rise in line with these spending increases.

FORBES: If Alan Greenspan Wants To 'End The Fed', Times Must Be Changing

It also GREATLY exacerbated the sovereign debt bubble, government deficits and National Debts.

FORBES: If Alan Greenspan Wants To 'End The Fed', Times Must Be Changing

We just need to figure out how to segue from not squelching our nascent economic recovery in the short run to accepting the fiscal discipline required to control deficits and bring down our national debt.

FORBES: Fiscal Choice For America: Gloom Or Doom, Says CBO

So making tough decisions to reduce structural deficits and keep debt from taking off falls squarely on the shoulders of national governments.

ECONOMIST: Buttonwood

As explained above, necessary spending cuts are not contractionary as under Keynesian mythology, but expansionary, reducing the drain of resources from the private sector, and the future tax increases implied by world record shattering deficits and national debt.

FORBES: For The Republicans There's An Opportunity At The Fiscal Cliff

Years of accumulated deficits, a bank bail-out in 1995, and punishing interest rates have swollen the national debt to a Greek-style 140% of GDP.

ECONOMIST: Jamaica at 50