Exactly, but that's what many americans simply don't understand, or are not used to, that you can only spend the money that you have, or that you are able to pay back. If they really would want to reduce the dept, the first thing they have to do is bring back a big part of their troops from Europe, Japan or the Gulf region, end the wars (especially the made up once), cut the military budget.
Raising taxes of the rich will not pay off the dept, it is a way to get the government additional money to fund other programs, for example modernising the infrastructure that is in a bad condition in the US as well, or to improve certain reforms to push the economy again. These in return will increase the income of the people and get the government more money to pay the dept as well, but reduction of spending is the most important step!
From the 2 candidates, Obama was clearly the only one that had understand that. Romney wanted to reduce taxes, which lowers the income of the government, he wanted to increase military spending with no way to balance the spending again, he wanted to stay even longer in Iraq and Afghanistan, which will cost even more billions, so basically everything that you can do against paying of the debt!