What's the difference between the $1.5 Trillion Federal Budget Deficit and the $14 Trillion US Debt Deficit?

These two numbers keep getting pitched around but no one seems to know the difference between the two or exactly how they will affect us (Americans) in the future. Regarding the National debt, I've heard stories saying something along the line that every American citizen on average owes over $40,000. So a family of four, like mine, would owe over $160,000 (way more than I, or any of us make in a year gross). In other words, there is no way this is ever going to be paid. So what happens? Who gets shafted. Should we all legalize illegal immigrants and flee the country?