If you didn't understand my point, I hope you're enjoying your seat at the kids table. Argue the semantics all you want.
Romney is going to sprinkle the fairy dust and federal revenues will grow 50+ percent without raising taxes or cutting spending. Hell, I'm sure he'll double it and have the national debt paid off in a few short years.
The definitions don't appear semantic at all.
Debt
1: sin, trespass
2: something owed : obligation <unable to pay off his debts>
3: a state of owing <deeply in debt>
4: the common-law action for the recovery of money held to be due
Deficit (1) : deficiency in amount or quality <a deficit in rainfall>
(2) : a lack or impairment in a functional capacity <cognitive deficits> <a hearing deficit>
b : disadvantage <scored two runs to overcome a 2–1 deficit>