An interesting debate on deficits has sprung up...

• Jared Bernstein argues against a narrow focus on balanced budgets.
• Greg Anrig's response
• For more on this critical debate, see the materials from this recent EPI event, our summary of it in The Watcher, and Dana's reaction.

UPDATE: Brad Plumer has a good take on the EPI event, and Ezra Klein responds. OK, that's enough.