employment and deficit

Both U.S and Canada continue to lose jobs and the economy is not as strong as the stock market suggest. The Fed will continue its QE and low interest rate policy. U.S. government will probably start another stimulus program which will add deficit. Long term rate will go up because of the deficit. I am puzzled by the argument that short term deficit does not matter, only the structure deficit matters in long run. If you run a 1 trillion dollar deficit stimulus program, the interest alone will be 40-50 billion dollar a year, that becomes long term problem.