From Econbrowser (Yes the future deficits are worrisome):
Paul Krugman ([1], [2], [3]) has been arguing vigorously that U.S. budget deficits are no cause for concern. I see things differently.
...
Is it possible that some time within the next five years, the U.S. Treasury will run an auction in which there are not enough bids to roll over the debt? My answer is yes.
In other words, "crowding out" (an increase in interest rates due to high government borrowing) is a real possibility.
