No, the government does not have printing presses that it can fire up at a moments notice. That is a misconception that is overly disseminated.
There are two ways that the government can acquire money. The government can bring in money through taxation and simply require citizens to hand over money. Or the government can bring in money through borrowing and agree to give the money back to whoever lent the money.
I want all my tax payments to be treated as borrowed money. I want every single cent that I have ever paid in taxes to be repaid to me. Doesn't that sound a little dumb? Yet, that is exactly what occurs when the government borrows money. The government could simply levy taxes on investors, take their money and agree NOT to repay amounts -- kind of like what happens in my world. Instead, we are seeing monumental debt loads continue to pile up.
Even if you try and make the case that government should repay certain amounts back to its citizens because its overspending, where do you think that the money for such repayments will come from? It will ultimately come from taxation no matter the case. If the government borrows money and then spends it, it no longer has any money left. The so-called repayment of borrowed money is dependent upon tax dollars -- the same tax dollars that I am forced to pay.
It's dumb to think that we can't bring money into the government as taxes because increased taxes will hurt our economy. Instead, we have this strange notion that we must borrow it currently. Either way, money is being handed over to the government and then expended by the government back out into the economy. The only difference exists far into the future when (1) amounts levied as taxes do not have to be repaid and (2) amounts borrowed will have to be repaid. Either way, the source of money is treated all the same by the government currently and has the same impact on current economic conditions.
It does not make a bit of difference currently to our economy whether we borrow money or bring money in through taxation. You can easily make the case that having to repay borrowed money will hurt our economy sometime in the future. But why is the government putting itself in a position where it must repay revenue. It's never going to repay anything I have paid. So why should a wealthy investor benefit from the luxury of repayment, especially when considering that repayment will come from my tax dollars?