Net=cut more.
It's very, very rare for me to arrive at a finished product and have added more words than I've cut. I'll add scenes and descriptions sometimes (basically following a similar process to Makai), but cutting is really the name of the game. Not just excess description, etc, but things that aren't necessary to the plot, to improve pacing, basically to get the beast as trim and fit as possible. I don't necessarily overwrite first drafts, but i do have a habit of putting meat in the ankles and neck rather than the thighs and chest, if y'know what i mean, and edits help to correct that.
To be honest, i don't think i've yet seen a first-draft written by someone that couldn't use some cutting.