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But they said that if left unchecked, the deficit growth could ultimately harm the economy.
Both parties have denounced earmarks in recent elections, to no effect on deficit growth.
It lays the blame squarely at the president's feet ("borrowing from China for his spending," it says) despite sharp deficit growth under George W. Bush.
The report argued that while deficit growth would be unsustainable because it could undermine global investors' willingness to buy American debt, huge short-term deficits are manageable.
This morning at 10am AEST Treasury will release its pre-election fiscal outlook (PEFO) - a forecast independent of the government detailing the state of the budget with predictions for debt, deficit, growth and unemployment.
It's a good sign that the Obama administration is following the advice of Senators Kent Conrad of North Dakota, Evan Bayh of Indiana and other Democratic fiscal pragmatists who embrace the idea of a bipartisan commission to recommend spending cuts to rein in deficit growth.
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The International Monetary Fund, which believes true economic recovery is only possible when the country's staggering debt pile is forgiven, says while Athens has accomplished impressive fiscal consolidation, slashing primary and current account deficits, growth remains elusive.
But newer studies suggest that NAS can also have long-term side effects, including Attention Deficit Disorder, cognitive deficits, growth delays, depression, behavioral problems, life-long infertility and an inability to function independently.
The economic consequences of such unprecedented social disruption in terms of collapse in housing demand and values, loss of tax revenue, federal budget deficits growth and collapse in GDP, are almost unfathomable.
That crisis has passed; they have reduced the deficit; and growth has, tentatively, returned.
Higher savings might bring down our trade deficit, but growth would still stagnate.
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