Does anyone subscribe to the belief that a deficit is essentially a deferred tax?

Well it's a tough call actually. We can borrow trillions for 30 years at 2.5%. Short term Treasury bonds average 1.9%/

The problem is sort of like when banks offer 0% interest for 12 months, and you end up running up the credit card until you owe 3 years income on it. Then the day comes interest increases, lenders, or here investors cut off the bond buying, and you're screwed

You are confusing the annual budget deficit with the longstanding debt, which actually decreased slightly this past year. Most of the $5 trillion debt that has accumulated the past four years is a consequence of the Bush tax cuts, which are set to expire next year, and the wars in Afghanistan and Iraq, which were put on the nation's credit card because Bush and Congress knew the public wouldn't support the two foreign invasions if they had to pay for them immediately with higher taxes or steep spending cuts in almost everything else. The defense budget doubled under Bush growing faster than entitlement programs Social Security and Medicare. Romney promises more tax cuts and increases in defense spending while reassuring us that somehow he'll reduce the debt, too, though he won't tell use exactly how he plans to do that. we can have tax cuts and spend $$$$ on foreign wars or we can pay down our debt, but we can't do both. I doubt any of these facts or logic will change your mind; I'm posting for the benefit of others.

Too high tech for me.