there IS a deadline, ie you'll see the rates tick up-- suddenly republicans have less money for tax cuts and dems have less money for entitlements.In a perfect world, perhaps. But when's the last time "later" didn't translate to "never" in domestic politics?
in any case, i have rather more confidence in the political system. clinton, hw, and hell, even reagan enacted meaningful deficit control/deficit reduction measures.
(BTW, the political idea of "deficit reduction now because we can't do it later" is different from the nominal republican economic argument, but i suspect is closer to what well-educated republicans -really- believe. bill gross at pimco, for instance, says this all the time-- before going back to the first boilerplate economic argument about how lower deficits will magically drive up economic growth.)