Deficit Reduction

I understand that deficit reduction is high on everyone's agenda. My understanding is that the deficit referred to is the annual deficit, that is - the amount we borrow annually vs. the amount we spend. So, annually, we are still borrowing more money than we spend - as a nation. So, if we are still, on an annual basis, borrowing more than we spend, then we are still adding to the overall amount that we owe. 

Even if we reduce the amount we borrow annually, this is still adding to the amount we owe overall. 

This is like me, as an individual, entering 2011 owing £5k, and promising to only add £1k to the £5k sum - rather than stop borrowing and pay back the original £5k.

What planet are we on, people? How can we, as a nation, agree to adding to our national debt? For the next three years? I am amazed and appalled. Still, until the general populace become aware that "deficit reduction" does not equate to "debt reduction", there won't be an outcry.  Clever...

TTFN.