Do you think that if 10 year rates were 4% that Obama would say, "Oh my goodness, we can't afford all this spending, we need to cut the size of government, immediately!!!"?
Seriously?
NO. But an extra $600 billion in Fed.gov interest payments might cause the markets to react - and that's the ultimate discipline on spendthrift politicians, who can never be trusted - Obama or otherwise. Thomas Jefferson was very wise to the evils of central banks and its also why he said gold is the currency of democracy. It enforces discipline that governments will never have on their own.