Fat chance on this eventuality. The Dems have complete and utter control over the Checkbook and they are racing to use it to cement their position for generations to come. I think they will be successful :-(
I think I know how they'll handle this and it reminds me of a joke:
Q: How many Microsoft employees does it take to change a light bulb?
A: None. They declare dark a standard.
The Democrats will pass a law (or Obama will issue an edict) that declares the deficit doesn't count (under a Democrat administration).
The 2006 election had a campaign theme of Republican corruption.
The 2008 election had a campaign theme of Republican big spenders.
Both times voters bought these themes and voted out Republicans.
Both of these themes were all about perception, fantasies, and outright lying to the public.
I do not see enough voters changing their pattern, based on my close association with living in a city and state dominated by the Democrat party. Voters continue to believe the lies about Republicans.