The truly important thing to realize is that the 10y yield has fallen back to 3.15% already. What this tells us is that no matter how much debt we rack up, the

The truly important thing to realize is that the 10y yield has fallen back to 3.15% already. What this tells us is that no matter how much debt we rack up, the rest of the world will fund our profligacy at whatever bid we demand not only at auction, but in secondary markets as well. No matter how much we anger China or KSA, they will buy our debt at any price, at any coupon, and beg for more. And of course our allied central banks like ECB, BOJ, SNB, will always be there at our beckon call. Politicians know this, and so they are not overly concerned with deficits. Given human nature, I wouldn't count on any politician, R or D, to care even the slightest bit about this until the rest of the world bothers to demand a non-negative real rate of return on their investments.