I don't have a degree in finance and even I can see that if you spend more than you make you create a deficit. If you borrow to fill that deficit, you are in debt. If you continue the cycle of spending more than you take in and borrowing to fill the gap you will eventually go bankrupt. We have a serious spending problem in America and Congress is at the heart of this problem and yes, it is a bipartisan (as much as I hate that word) problem.
Here is the definition of defecit from Mirriam-Webster.com
#1 is an accurate description of Honey Slew Slew;
#2 is an accurate description of our government and the nightmare of an economy it has wrought;
Definition of DEFICIT
a (1): deficiency in amount or quality <a deficit in rainfall> (2): a lack or impairment in a functional capacity <cognitive deficits> <a hearing deficit>
a : an excess of expenditure over revenue