First of all, the debt is just an illusion. If the government wanst to, it will simply go away. It is a mythical monster that conservatives want to use as a perpetual red herring or staw man.
What is important is that the wealthy no longer be allowed to live so lavishly on the backs of the poor. That is why Obama is fighting so hard to impose his will. He wants government spending to create an absolutely fair and limitless source of spending so that the people learn to rely on the government for all their needs, and even their desires. That has always been the proper role of government. In Obama's era, it will become so.