The government makes money and it spends money on your behalf to provide services you have elected them to provide.

The government makes money from taxation.

If the government cuts taxes, they make less money.

If the government spends more money than they make, this is called a deficit, and they have to borrow money from someone in order to cover the difference between what they already have and what they are spending.

Once the government has borrowed money in order to operate, they are responsible not only for paying it back, but also for paying the interest on the debt.

If the government cuts your taxes and makes less than it spends, it will operate with a deficit and accumulate a debt. It might not have to pay back the meat of the debt, but it at least has to pay the interest on that debt every month.

If you don't pay more taxes--or the government doesn't cut its spending--then some day the government will have to cut its spending or it will have to raise taxes. There is no other option. Some of the US' debtors, like China, are going to start cashing in. Now. Not in 20 years, but now.

Having low taxes right now means that your kids, your grandkids, your great-grandkids, and several subsequent generations will have to pay back the debt you have accumulated.

This means that, at some point in the future of the United States, people will have to pay money to the government and get nothing for it.

Let me use an example that is easy to grasp.

This deficit situation is like you making $2000 a month, but your lifestyle costing you $3000 a month. That means every month you have to borrow $1000 to just pay your bills, say by putting it on a credit card or borrowing it from Vinnie the Loan Shark. After one year of this, you owe Mastercard and Vinnie $12,000. After two years you are still only making $24,000 a year, and you now owe Vinnie and Mastercard $24,000. You do not even have enough money to live your lifestyle, so you definitely don't have enough money to give anything to Mastercard or Vinnie. Mastercard and Vinnie will start to get pissed. Mastercard won't break your legs, but they will destroy your credit rating. Oh, and Vinnie will break your legs.

Mastercard has sent you progressively more angry letters asking you to pay up. Vinnie has sent 'round two guys--let's call them Tommy and Eyeball--who look like they want to pound the everloving shit out of you. Vinnie isn't going to loan you any more money until you pay him back, and Mastercard has cancelled your account, so you can't charge the big screen television you want. You can't even charge diapers for your 6 month old daughter. Basically, you're fucked. You need enough money to at least cover the interest that Mastercard and Vinnie are charging.

You can live more cheaply (cut government spending). You can get a job that makes more money (raise taxes). You can set up a protection racket. You can rob convenience stores. You can camp out in your neighbour's living room and, every payday, you can put a gun to her head and make her give you her money.

You can also die.

Mastercard will want to settle your debt with your estate through legal proceedings. Vinnie won't care about legal proceedings, and your family will have to pay him back on your behalf. After several years, it will probably fall to your daughter to pay Vinnie, or he will send Tommy and Eyeball to rough her up. Your daughter will not have enough money to go to college, to feed her family, or to pay for her own retirement. This is because she will be responsible for paying the debt that you accumulated.

Maybe you can start paying now instead of making your daughter do it. What this means is that you will be eating cat food and living in a cardboard box for the rest of your life, just so you can pay Mastercard and Vinnie the money you owe them.

Do you still want lower taxes? (This goes for you, too, Canada. Look at how well we're doing.) It's like solving your credit problems by increasing your credit limit... or finding another loan shark who doesn't talk to Vinnie.

Some quick numbers for you:
Canada
Total 2004 Spending: $490.6 billion
Total 2004 Revenues: $496.1 billion
Total 2004 Surplus: $5.5 billion (1)
Debt in FY 2000: $561.7 billion
Current Total Debt: $526.5 billion
Debt paid in the last four years: $35.2 billion (minus $5.5 billion to $8.1 billion at the beginning of next FY)
Your kids: Annoyed
(1) The government is now reporting a projected $8.1 billion surplus

US
Total 2004 Spending: $2.3 trillion
Total 2004 Revenues: $1.8 trillion
Total 2004 Deficit: $527 billion
Debt in FY 2000: $5.67 trillion
Current Total Debt: $7.43 trillion
Debt accumulated in the last four years: $1.76 trillion (plus approximately $527 billion at the beginning of next FY)
Your kids: Fucked