Should Government "live within its means" like Households?

How many times have we heard pundits and members of Congress say that the government should operate within its means like households? Check out The American Way of Debt graphic. In the link below scroll down to the graphic and click to enlarge.
Note that total household debt is $11.31 trillion! Also check out the info on "loan delinquencies."

http://online.wsj.com/article/SB10001424127887324445904578283521496637796.html?mod=WSJ_hpp_sections_personalfinance