[cwo_ghwebb]

It is increasingly clear that Barack Obama -- in a delicious irony -- may be sunk by his own deficit. As the old recession, which started under George W. Bush, stubbornly pushes unemployment ever higher and the new recession, caused by the deficit, raises interest rates and inflationary fears, the public will increasingly blame Obama's big spending ways for both.

Deficit spending has always been the bete noir of American voters. The gospel of the balanced budget is deeply ingrained in their political and economic psyche. Throughout all the Keynesian experiments of the Kennedy, Johnson and Nixon years, voters remained committed to a balanced budget. As the deficit mounted during the Reagan administration, they worried but were soothed by good economic news. When the news turned bad under Bush, they blamed the deficit. And when Bill Clinton finally balanced the budget, they watched the economy bloom, reinforcing their convictions about the dangers of deficits.

Dick Morris and Eileen McGann : It's the Deficit, Stupid - Townhall.com

Perhaps this is just wishful thinking.