"The Doubling of the National Debt" digs into the notion of the Federal deficit is declining, but US Government Debt load is increasing. A Key Excerpt:
"The falling deficits sound like good news, but there are two important things to understand about it. First, falling deficits mean that the national debt is still increasing — just more slowly than they previously were. In this case, assuming things play out as projected, that means that instead of trillion dollar deficits adding a trillion dollars a year to the nation’s debt, we now have a half-trillion dollar deficit adding a half-trillion dollars a year to the nation’s debt."