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In truth, though, rising deficits were symptoms of three bigger problems.
But many economists do agree that rising deficits, in some circumstances, can push interest rates higher.
Tax revenues are falling; populations are aging and rising deficits are everywhere, threatening the euro.
Those issues have fed a conservative reaction against rising deficits and bigger government.
His concerns about rising deficits and his calls for raising taxes made him a hero to congressional Democrats.
When all three factors — economic contraction, higher rates and rising deficits — come at once, they easily start a vicious cycle.
They have had to beat back primary rivals accusing them of helping Barack Obama and failing to curb rising deficits.
Over the past few months, many pundits have obediently placed the onus for rising deficits on "a vast increase in discretionary domestic spending," or words to that effect.
Laying out a sweeping economic strategy to counter the nation's rising deficits, Senator John Kerry said Wednesday that as president he would impose caps on government spending.
Providers are reporting that one of the reasons for their rising deficits is delayed transfers of care, partly related to issues of timely access to social care.
Rising deficits have caused strains in bond markets, reflecting worries about the possibility of default and the ability of investors to digest the surge in supply.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com