Ann Margaret and the Gubmnt Debt

Way back in time, when I was a grad student, we all got a big kick out of an advertisement featuring Ann Margaret (I think) in which she said, in a very sultry voice, something like, "Buy Savings Bonds. Help get your government out of debt."

It has come back to haunt us with this from this NYTimes account of Bush's latest on social security reform:

[H]e is dispatching his Treasury secretary, John W. Snow, to New York to reassure Wall Street that his approach, which could involve trillions of dollars in new government borrowing, is consistent with efforts to reduce the budget deficit and improve the nation's financial condition.

If I borrow more money, I can reduce my deficit? Well.... maybe if I can borrow at a lower rate of interest than I'm presently paying.
[link from Brad DeLong via Tyler Cowen]