David Paul Kuhn has an interesting article, Democrat's Existential Debt Problem, over on the RealClearPolitics site. He argues that while Republicans have been in the lead (rhetorically, at least) in arguing for the importance of reducing the nation's debt load, it is Democrats who are most at risk from debt problem, and it is Democrats who - if they were wise - would press hardest for debt reduction, because it is progressive social programs like Social Security and Medicare and the health bill and union pensions that are most likely to be cut in a debt crisis.
I made a similar argument a few days ago in one of my posts - liberals ought to care passionately about the nation's economic health because business is the ultimate source of the revenue needed to sustain their social programs. But I see no sign yet that Democrats understand that.