This one has been churning around my brain for a few months. And really, it could be used to call out conservatives on just about any issue that they conveniently ignored under the Bush reign; but deficit reduction is probably their most laughable hypocrisy. Plus it's easier to make a pun with.
And Obama (et al) are such pussies for caving so easily on this issue. Yes, we need to address the deficit; but let's get the economy moving first. Then it'll be much easier to pay down the debt.
Obama claims that, "like people, the government needs to tighten it belt," but that's exactly wrong. Unlike households, the government is in a unique position to drive the entire economy. Governments should step on the gas (spend) when the economy slows down and ease off (save more) when the economy is going gangbusters.
Remember the hole Reagan and Bush I dug for us? Remember the surplus Clinton left us with? What the rise of the internet did under Clinton, "green" tech can do under Obama if we just use the stimulus money in targeted ways.