The document outlines three perspectives on government deficits - Deficit Hawks, Deficit Doves, and Deficit Owls. Deficit Hawks oppose deficits and favor immediate austerity. Deficit Doves support limited deficits during economic downturns and balancing budgets over the business cycle. Deficit Owls do not impose arbitrary deficit limits, only support austerity to curb inflation, and believe high unemployment or inflation should be avoided through fiscal policy.