This is a Sucker's Bet

Like Digby said:

Reagan may have proved that deficits don't matter politically, but Clinton proved that fixing deficits doesn't matter politically either. They impeached the man over unauthorized fellatio and then ran on tax cuts, stole the election and immediately put the country into debt all over again. The idea that Democrats will get some political benefit from a lot of sharp talk about deficits and "freezes" is a pipe dream. Obama will be hurt by the bad economy and benefit from its revival. But unlike Reagan, he's tied his own hands on policy leaving him little room to maneuver if the economy stays bad. And when (if) the economy rebounds he will not seen as someone who was courageous for "staying the course" and validating his own liberal beliefs --- he will be seen as having acquiesced to the conservative agenda, which will get all the credit. And conversely, liberalism will be discredited even though it did all the heavy lifting. Awesome.