http://www.nytimes.com/2012/12/14/opinion/krugman-the-gops-existential-crisis.html?ref=opinion&_r=1& Itâ€™s important to make this point, because I keep seeing articles about the â€œfiscal cliffâ€ that do, in fact, describe it â€” often in the headline â€” as a debt crisis. But it isnâ€™t. The U.S. government is having no trouble borrowing to cover its deficit. In fact, its borrowing costs are near historic lows. And even the confrontation over the debt ceiling that looms a few months from now if we do somehow manage to avoid going over the fiscal cliff isnâ€™t really about debt. No, what weâ€™re having is a political crisis, born of the fact that one of our two great political parties has reached the end of a 30-year road. The modern Republican Partyâ€™s grand, radical agenda lies in ruins â€” but the party doesnâ€™t know how to deal with that failure, and it retains enough power to do immense damage as it strikes out in frustration. Krugman's position is that now isn't the time to worry about the deficit, i.e. while the economy is depressed and the US can borrow at historic lows but when is time to deal with it? It's never the right time. When things are going great, it isn't a problem because our credit is fine. When we're in recession we don't want to deal with it because it could push us even lower. When we're in a recovery, we don't want to go back into recession.