The deficit is only the amount by which the Federal Government overspends each fiscal year. Imagine it like this...
If a family making $55,000 a year, spends $90,400 a year, it's deficit is $35,400.
Consider the fact that the same family have been overspending for decades, and owe a combined total of $332,000 of outstanding debt.
Now throw into the mix a discussion between the mom and dad, about how much money to cut from the budget. Dad says that they need to cut $5,400 but mom says that's too harsh, they need trim only $3,000. Any sane human would scream "You morons! You need to cut at least $35,400 JUST TO AVOID ADDING TO THE DEBT!"
These numbers are in the same proportion as the Federal Budget (with the exception of the proposed cuts, I just made those up for illustration. Democrat and Republican proposals would cut even less than my illustration)
In 2010, the Federal tax income was $2.16 trillion. Outlays were $3.55 trillion with a national debt of nearly $14 trillion.
Folks, this is insane!! We cannot continue to borrow like this! If the federal government didn't spend a dime on anything else but the debt, it would take over six years to pay off.
It's worse than you think.
In 2010, Federal entitlement spending (Medicare, Medicaid, Food Stamps, TANIF, etc) was 96% of Federal revenues. Interest payments on the debt was another 9.9% of Federal revenues. This means that before we build a road, buy a bullet, pay a solider, hire an FBI agent, or launch a Space Shuttle, we're already in the hole $125 billion!
Our elected leaders have to make tough decisions to fix this mess, and they are unwilling to do so. Elected officials don't like to offend people. So if they have a decision of doing x or doing y, and the people are going to get up set with either giving up x or giving up y, our brilliant folk just do both and pay for it later!
What we need is a balanced budget amendment to the constitution. Four-fifths majority to spend more than they take in, authorized only for six months. The provision would be waved for the duration of a declared war.
What this would do is require the government officials to actually make the hard decisions like raise taxes, cut spending, stop intervening militarily everywhere in the world, and maybe even stop proposing new social programs.
This is not a left or right issue. If nothing is done, our nation will collapse under the weight of its debt, and our people will be subjected to pain the likes of which they've never before known. After all, somebody has to pay the fiddler for the dance.
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