Why do people hate deficits?

It's far from obvious why people care about balancing the budget. So what are the most common reasons given?

By Dylan Matthews April 8, 2013

A few basic misconceptions about Simpson-Bowles

Simpson-Bowles is often advertised as a plan that would reduce the deficit by $4 trillion, through a 3-to-1 ratio of spending cuts to revenue increases. But this doesn't always give an accurate picture of the plan.

Sidestepping the filibuster won’t solve the fiscal cliff

The reigning deficit hawks have a new plan: Get Congress to "fast-track" a big fiscal package that would allow individual members and committees to work out the details of a budget deal, but prohibit the filibuster to avoid gridlock. But would it work?