WASHINGTON, Sept 10 (Reuters Breakingviews) - U.S. deficit hawks have become a relic since Sept. 11, 2001. Over the last 20 years, federal debt held by the public grew by nearly seven times to more than $22 trillion. Stimulus spending during several crises was needed, but financial discipline didn’t follow. A race to please voters ensures that trend will continue. Excess spending used to be a hot button for politicians on both side of the aisle. Balancing the budget became a priority in the 1990s during the Republican George H.W. Bush and Democrat Bill Clinton presidencies. Debt actually fell in the months leading up to 9/11. But the attacks opened up flood gates. Defense spending cranked up under President George W. Bush, who launched wars in Iraq and Afghanistan. Borrowing rose about 90%, and without large cuts or tax increases, the deficit ballooned. By the time the 2008 financial crisis hit at the end of Bush’s two terms, caution was thrown aside. Congress passed more than $1.5 trillion in aid in less than six months, just as President Barack Obama took charge. A Republican faction, the Tea Party, forced modest spending cuts in 2013, which helped chip away at the deficit. With a slow recovery, though, the debt load doubled to about $14 trillion. Republicans lost their final veneer of caring about debts and deficits under President Donald Trump. His 2017 tax cuts forced the annual deficit over $1 trillion for the first time since the Tea Party intervened. Stalwarts on spending, like Senator Ron Johnson, supported the measure. Last year, the debt-to-GDP ratio hit 100% for the first time since World War Two. For now, interest expenses are in check because of low rates. If rates rose by 3 percentage points, though, interest costs could reach about $1 trillion a year, almost as much as Social Security benefits, according to the Committee for a Responsible Federal Budget. The psychology of spending can make it worse. If one party makes a choice to please voters, the other party will want to make a land grab for what is left in the coffers. And the biggest concern is that fewer voters are bothered. In a recent poll, less than half of U.S. adults said the deficit was a “very big problem” compared with 55% in 2018, according to Pew Research Center. As long as they don’t care, politicians won’t either. WASHINGTON, Sept 10 (Reuters Breakingviews) - U.S. deficit hawks have become a relic since Sept. 11, 2001. Over the last 20 years, federal debt held by the public grew by nearly seven times to more than $22 trillion. Stimulus spending during several crises was needed, but financial discipline didn’t follow. A race to please voters ensures that trend will continue. Excess spending used to be a hot button for politicians on both side of the aisle. Balancing the budget became a priority in the 1990s during the Republican George H.W. Bush and Democrat Bill Clinton presidencies. Debt actually fell in the months leading up to 9/11. But the attacks opened up flood gates. Defense spending cranked up under President George W. Bush, who launched wars in Iraq and Afghanistan. Borrowing rose about 90%, and without large cuts or tax increases, the deficit ballooned. By the time the 2008 financial crisis hit at the end of Bush’s two terms, caution was thrown aside. Congress passed more than $1.5 trillion in aid in less than six months, just as President Barack Obama took charge. A Republican faction, the Tea Party, forced modest spending cuts in 2013, which helped chip away at the deficit. With a slow recovery, though, the debt load doubled to about $14 trillion. Republicans lost their final veneer of caring about debts and deficits under President Donald Trump. His 2017 tax cuts forced the annual deficit over $1 trillion for the first time since the Tea Party intervened. Stalwarts on spending, like Senator Ron Johnson, supported the measure. Last year, the debt-to-GDP ratio hit 100% for the first time since World War Two. For now, interest expenses are in check because of low rates. If rates rose by 3 percentage points, though, interest costs could reach about $1 trillion a year, almost as much as Social Security benefits, according to the Committee for a Responsible Federal Budget. The psychology of spending can make it worse. If one party makes a choice to please voters, the other party will want to make a land grab for what is left in the coffers. And the biggest concern is that fewer voters are bothered. In a recent poll, less than half of U.S. adults said the deficit was a “very big problem” compared with 55% in 2018, according to Pew Research Center. As long as they don’t care, politicians won’t either. Reuters Graphics Reuters Graphics Bought on credit Bought on credit Follow @GinaChon on Twitter CONTEXT NEWS - U.S. Treasury Secretary Janet Yellen sent a letter to congressional leaders on Sept. 8 urging them to address the debt limit, which was reinstated on Aug. 1 when borrowing subject to the ceiling reached $28.4 trillion. Federal debt held by the public was at $22.3 trillion, according to the daily Treasury statement on Sept. 3.