"Deficits mean future tax increases, pure and simple. Deficit spending should be viewed as a tax on future generations, and politicians who create deficits should be exposed as tax hikers."
-- Ron Paul
Pure and very simple hog-wash. Might taxes go up? Sure. Will it be to finance the deficit? Nope.
Taxes may go up to drain excess money out of the economy to avoid inflation but taxes don't finance anything. The government doesn't run to a tin box when it needs money and worry if the box is empty. It sounds strange but the government neither has nor doesn't have money. It is self financing and needs to tax to balance the economy but not to collect money. There is no "place" for it to store collected money.