Washington's recent deficit reduction deal is only the latest, not the last. Deficit reduction is neither a temporary nor a localized phenomenon. Washington finds itself in contradiction to Americans' sentiments, and, even more importantly, their actions. While Washington continues its leveraging, America is de-leveraging. Some may still question whether deficit reduction is good economic policy, but no one is questioning it as political policy. The latter debate is over: Deficit reduction won hands-down. It has become the touchstone of fiscal conservatism, reaching across party lines and the nation — at all levels of government. Why is deficit reduction suddenly such...