Economic majors explain "twin deficits" please!

Recently the Wall Street Journal had an article about the twin deficits in the US economy. One deficit is easy. The budget is way in the hole. The other deficit is more difficult for me to understand. Supposedly, the government or people in the US owe 27% of their financing to foreign investors. This also has something to do with the fact that in 1978, a percentage of people (3 or 13%) had money saved as opposed to now when people have borrowed a lot of money. Are these deficits totally different or are they connected? I'm confused.