The bottom line is, debt & "deficits" are caused by $PENDING. So long as the spending is not brought under strict control, deficits will continue to run away.
Even if more revenue is generated (which raising tax rates won't do) it's no use unless SPENDING stops increasing. The kleptocrats DO NOT CARE about deficits or debt; they just exploit those ideas to justify jacking up taxe$ more. The minute they ANTICIPATE more $$$ due to a tax hike, THEY WILL $PEND IT.
Giving them more $$$ to "reduce the deficit" is like trying to put out a fire with gasoline. They need more $$$ like junkies need more dope.