I find it suspicious that the national debt (and the deficits causing it) have only recently become a hot point. I've been concerned about it for 20 years, yet never a peep about it from Washington or the political right (notably during the Bush administration when the national debt rose from $4 trillion to almost $10 trillion).
Yes, Newt Gingrich and his "Contract with America" skwakked about it back then, but the truth is that the Republicans never were interested in balancing the budget then and now. Part of the problem is that politicians in Washington have been, almost without exception, irresponsible in their desire to funnel money to their districts and to their lobbying benefactors than to care about fiscal prudence. Even today. (Don't believe what they say.)
On Tuesday, Paul Ryan (Wisconsin), House Republican chairman of the House Budget Committee released the House Republican budget blueprint. Compared to current projections, spending on government programs would be cut by $4.3 trillion over 10 years, while tax revenues would go down by $4.2 trillion. So spending would be eviscerated, mainly to make room for continued tax cuts (for the wealthy), not to balance the budget.
Last month when the Wisconsin Senate's Republican majority put up for a vote Republican governor Scott Walker's union-busting budget, it was not about cutting the budget deficit as claimed. After all, the unions had already agreed to the spending cuts for pensions, benefits, etc. Rather, it was about weakening unions' financial clout with the 2012 presidential election in view. The billionaire Koch brothers were behind that fiasco with a $1 million political contribution. After all, the same legislation had in it some goodies, e.g. selling off some government energy assets at fire sale prices which the Kochs are interested in buying.

(That's how things work in this country.)
So you see, all this talk about cutting the budget deficit is never really about cutting the budget deficit. It's just a cover.
True, the US has very serious deficit/debt problems that have to be addressed. But that's not what the current debate is really about. Rather, the Republican right is seizing the opportunity to get rid of reviled programs including education improvements, health care reform and infrastructure rebuilding. That includes gettting rid of the despised Medicare (for seniors) and Medicaid (for the poor) programs. Despite their loud talk the Republicans have never been fiscally prudent and have never been interested in reducing the deficit/debt. Rather they just want to re-arrange things to favor their benefactors (i.e. smaller government with smaller taxes for the rich as put forth by Paul Ryan's budget proposal).
The Tea Party is another story. I don't like them, but at least they believe what they say. The problem is that they are so politically naive that their insistence on slashing the budget without regard to the consequences is a recipe for disaster. And that includes Ron Paul. The words may sound good, but these folks are going to lead America down the sewer.