There are a number of far-reaching implications. Allow me to list a few out:
1. In the short-term, an indication that growth of government spending is outpacing the growth of tax revenues, and therefore, the remainder of the country. A good rule of thumb would be to restrain government growth to that of the private sector (ideally to contract government).
In times of recession, when tax revenues fall greatly and government spending remains the same, this is understandable. (There's a school of thought that says increased government spending stimulates the economy in economic downturns, but conservatives believe tax cuts are a more appropriate remedy for stimulating the economy) Regardless, that's not the case here. Growth of government has contributed to the deficit to a greater degree than tax cuts or the economic downturn.
2. Also in the short-term, a deficit makes the argument to reduce taxes far more difficult. Opponents point out that it's foolish to reduce tax revenues when we have a deficit, and right or wrong, their case is persuasive to many.
3. In the long-term, the deficit increases the size of the national debt, which in general damages investments in private entities. There is some argument about whether the national debt is actually a problem or not, but the general perception is that it is.