Center-left Washington is arguing with ever-greater ferocity that center-right Washington is mistakenly obsessed with deficit reduction. Part of the argument is familiar: 1. Low Treasury interest rates show markets unconcerned about the $16 trillion national debt. 2. As the economy continues to heal, annual deficits will shrink substantially. 3. To the extent budget shortfalls are a problem, they are a long-term one driven by health care spending. Now a new wrinkle is being added to that last point: A persistent slowdown in the growth of health care costs might mean scary Congressional ... Read More