History shows us that only during our greatest prosperity can we effectively reduce deficits and slow down the accumulation of our debt. European attempts to do otherwise have resulted in slow growth at best, and job losses and recession at worst. Their debts remain high, ironically enough, even growing.
The proponents of making debt and deficit reduction the priority cite the burden to our children, but do we not burden our children even more if their parents don't have jobs, now, and in the future? If the economy is slow or contracting, with little positive effect on our debts and deficits?
Our fiscal health depends more strongly on the economy than the other way around. Recessions inevitably increase debts and deficits. Growth reduces it.
Let's put the economy first.