I've posted quite a few links and comments on deficit spending.
The US federal government is sovereign and therefore does not have to sell debt to finance deficits, counter to popular opinion.
Recently Obama said that the US faced a double-dip recession if the country does not reign in deficit spending.
Quite a few economists responded by explaining the error in his logic.
Today at Naked Capitalism Edward Harrison has a post explaining both the deficit hawk's errors and the different policy options available.