Mr. Davidson's organization--as we have heard before on Firing Line (#S365, #S412)--was pressing for a constitutional convention for the purpose of producing a Balanced Budget Amendment; so far it had lined up 31 states, out of the 34 needed. The resistance that would wind up sinking the attempt stemmed in part from opposition to the amendment itself, in part from fears of a runaway convention that might, as WFB quotes one critic, "repeal the Bill of Rights." JDD: "If three-quarters of the states want to repeal the Bill of Rights, we're in a hopeless position vis-a-vis the Bill of Rights anyway." Mr. Heilbroner addresses the substantive matter of the deficit in this good-tempered exchange: "It's very important to have in mind that there are 'good deficits' and 'bad deficits.' And if one could assure ... that the government only borrows to finance capital projects like the Panama Canal or the Manhattan Project or the national road system ..., I can see absolutely no difference between the government borrowing and incurring a deficit for that purpose and a corporation. Furthermore, corporations do not pay back their debts. They roll them over."