In the New York Times today, columnist Paul Krugman argues that "deficit worriers have it all wrong."
He concedes that government should, in the long run, do a better job of balancing its budget, but argues:
But right now we have a fundamental shortfall in private spending: consumers are rediscovering the virtues of saving at the same moment that businesses, burned by past excesses and hamstrung by the troubles of the financial system, are cutting back on investment. That gap will eventually close, but until it does, government spending must take up the slack. Otherwise, private investment, and the economy as a whole, will plunge even more.
"The best course of action, both for today’s workers and for their children, is to do whatever it takes to get this economy on the road to recovery," he writes. Krugman is an advocate of stimulus infrastructure spending--putting people to work building roads and bridges.