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This is how I configure and build:
$ ./configure --prefix=/usr \
 --with-threads \
 --with-computed-gotos \
 --enable-ipv6 \
 --with-system-expat \
 --with-dbmliborder=gdbm:ndbm \
 --with-system-ffi \
 --with-system-libmpdec \
 --enable-loadable-sqlite-extensions \
 --without-ensurepip \
 --with-pydebug
$ make "CFLAGS=-g -fno-inline -fno-strict-aliasing -O0"
...
gcc -pthread -c -Wno-unused-result -g -O0 -Wall -Wstrict-prototypes -march=x86-64 -mtune=generic -O2 -pipe -fstack-protector-strong --param=ssp-buffer-size=4 -g -fno-inline -fno-strict-aliasing -O0 -Werror=declaration-after-statement -I. -IInclude -I./Include -D_FORTIFY_SOURCE=2 -D_FORTIFY_SOURCE=2 -DPy_BUILD_CORE -o Modules/python.o ./Modules/python.c
...
gcc -pthread -Wl,-O1,--sort-common,--as-needed,-z,relro -Wl,-O1,--sort-common,--as-needed,-z,relro -Xlinker -export-dynamic -o python Modules/python.o libpython3.4dm.a -lpthread -ldl -lutil -lm 
Notice the specified CFLAGS are used when building "-o Modules/python.o" for example (as many others), but are not used when building the "-o python" binary.