ByzCat makes an excellent point. Most Feeneyites would say we need the Church to give us a finer distinction because as it is now, there seems to be a contradiction. Most BODers say, no, there's no contradiction - either water or desire is ok. You're a heretic for asking for a distinction because Trent mentions desire, therefore desire is "de fide".
I'm OK with this. I just don't see how Stubborn's argument, the particular way he's making it, doesn't lead to a bunch of other false Protestant dichotomies (the one that immediately keeps coming to mind is how Christ can be "The only mediator between God and man" and yet Mary is also Mediatrix and the priests are in a sense mediators. Protestants would just say "Contradiction!" but we know that through fine distinctions, there's no contradiction between the Biblical teaching and the teaching of the Church.) Even if I knew baptism of desire didn't exist, I'd still be calling this line of reasoning out because its problematic.
As far as the Trent thing, I do have a thought that I want to throw out here. I don't know enough Latin to know whether the word is rightly translated "or" or "and." I also recognize, in the light of Ladislaus' comment, that even if the correct translation is literally "or", it is a possible reading that it could mean "and" in a similar way that "you can't play baseball without a bat or a ball" still in context means you need both.
It is of course the case that Baptism of Desire (for catechumens at least) was taught by some theologians both before (St Thomas Aquinas) and after (St Alphonsus) Trent, so at the least, it seems possible that Trent wasn't settling this debate.
And honestly, contextually, it seems likely that it wasn't trying to. Because it seems like the real thrust of what Trent is getting at isn't really ruling on BOD, but ruling on Sola Fide. If I recall correctly, in context, its not anathemizing a position on baptism of desire, but anathemizing faith alone.
In other words, to colloquially suggest a translation. "If a man says that faith alone saves, without water baptism or *at least* the desire for water baptism, let him be anathema." Something like that.
And since the intent was to anathemize the Protestant, not either side of the BOD debate, it seems logically like you could take either side of the BOD debate and just say Trent doesn't settle it.