Perspectives: Don’t ignore the national debt. It will only get worse if we don’t act now

It is becoming fashionable to argue that federal budget deficits don't matter and that the government can undertake vast new spending programs without new taxes. This is not the time, however, to get wobbly about long-term fiscal policy. While it's not crucial to reduce this year's budget deficit, it still makes sense to phase in judicious spending reductions or tax increases that reduce long-term debt.