So...raise taxes? Maybe just back to Reagan levels?

This reminds me of the BS story that Clinton had a surplus in 2000. The debt grew in 2000. There was no surplus. I think the difference was they didn't include interest in the calculation. Not bad by comparison, but it was mainly due to a 1 off surge in capital gains taxes from the tech bubble.

So much winning.

Cheney said that Reagan proved deficits don't matter.

Neither political party has any intent of balancing the budget. Both parties are gaming the public.

I wouldn't expect the budget deficit to track the change in what is commonly reported as total debt. The total debt that is commonly reported includes (to my annoyance as an accountant) debt that the government owes itself for things like Social Security and Medicare ("Intragovernmental Holdings"). Intragovernmental holdings are irrelevant because this so-called "debt" is exactly offset by "assets," and it is a wash. A corporation would properly eliminate these "intercompany" accounts, but governments don't hold themselves to the same standards of logic.

The relevant debt is the "Debt Held by the Public." Of course, this isn't the only liability owed by the government. There are also things like accounts payable, accrued wages & benefits, the massive present value of expected entitlement benefit payments, etc. There are also changes in assets, such as purchases or sales of government land, buildings, etc.

You might find the Financial Report of the United States Government interesting. Click on the "Current Report" link:

"I wouldn't expect the budget deficit to track the change in what is commonly reported as total debt."

It tracks every year as I stated. What I believe you mean is the total of future unfunded liabilities. Yep, that doesn't track because they don't count until they happen.

The discrepancy between the increase in debt and the deficit doesn't just apply to projections, but also to the past. In fact, increases in debt were substantially larger than the announced deficits even when social security receipts were still in surplus.

So basically the politicians are lying, since increase in debt is, by definition, a deficit.