Budget deficit is like current income. National debt is more like net
worth.

BINGO!

And our ratio is now lower than it was through the 90's. Our collective net
worth is much more important than the yearly deficit or surplus. In fact the
US went from a 80% debt ratio in 1950 to a low 20's ratio in 1980 with only
4 "surplus" years.

http://www.ustreas.gov/press/release...2003charts.pdf