Last thing I knew the deficit was $1.2 trillion, so this lower amount (by 500 billion) might spell perpetual motion, especially given the government's usual tendencies...!
Although recently I have learned in Economics class that a large part of federal debt is held by bondholders and corporations working for the government, and the government can basically adjust as it pleases, as long as it doesn't raise inflation or cause a lack of faith in the system. I shouldn't talk about that, though. The relationship with banks is fairly rational, based on the realities of checking and borrowing.
About America's lower Federal debt:
International Society for the Philosophy of Architecture » Ethics and Aesthetics of Architecture and the Environment