[Nanodik]

handled *without* raising taxes

Notice I said deficits = deferred taxes not deficits = raised taxes. If you owed me money and I said you did not have to pay me, instead I'll just take your car in payment, would you argue that you got away without paying me?

[Southack]

"Notice I said deficits = deferred taxes not deficits = raised taxes."

So you did. Point taken.

And for the most part you are correct, however, there are *technical* exceptions which, though hardly popular, permit exceptions to your "rule" above (e.g. defaulting on debt, leasing unused federal land, running printing presses, etc.).

Thus deficits do not have to equate to deferred taxes. Those who loaned money to Iraq back in the 1990's are certainly learning that lesson today...