In the economic turmoil of 2008-2009, the wisdom of running government budget deficits was widely and hotly debated. This article "When does Deficits Matter"? At Reason Online describes the political and economic conversations of the time, noting that elected Democrats and Republicans seemed to have reversed their opinions under the Obama administration, compared to their positions during the Reagan years.
Economist Jason Furman, appointed to the National Economic Council in early 2009, articulated his recommendations for the federal budget and fiscal policy in a SLATE article Fixing It: Fiscal Policy (April 2008). Use macroeconomic theory to explain some of the rationales for and against budget deficits.