Which are the best arguments for paying off the national debt and which are best for not doing so?

I thought I’d answered this already, but perhaps my answer was unclear.

We care how we got here so that we can learn from our mistakes and not repeat them.

Most objective observers are quite sure that one political party is far more prone to run deficits when it is in control than the other party is. Those who want the deficit reduced should look past the propaganda, understand which party is more responsible fiscally, and vote accordingly. Objective understanding requires acknowledgement that when the country has passed huge tax cuts, is funding an expensive war and then gets hit with the biggest credit crisis since the Great Depression, balancing the budget takes time.

HTH.