How does the deficit and debt affect the economy

How does the deficit and debt affect the economy 1) Carry out independent research and applied economic analysis of the issue; (2) Use empirical findings to formulate inferences and conclusions on the issue; (3) Write a paper summarizing your research and conclusions. Draft papers containing: (i) introduction, (ii) literature review, (iii) economic theory and research hypothesis, and (iv) description of data,  and complete the remaining sections of the paper, which are: (v) empirical model, (vi) empirical results, and (vii) conclusion.   Empirical model should be like ( RGDP pc growth=a+ß1debt+ ß2 debt^2 + ß3 interest rate+ß4 inflation+........) (you can use http://research.stlouisfed.org/fred2/ to find data) (References, endnotes, and appendices will not count towards this page requirement. Structure of the paper must follow the empirical project guidelines outlined in Koop.)  koop will be upload to you guys