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Do you owe money?

Congratulations, you're in good company. So does Uncle Sam to the tune of maybe $200 billion.

The administration predicts that's the likely budget deficit this year -- maybe as high as $300 billion next year.

And now everyone's screaming and moaning and carrying on.

But not me and here's why: I don't love deficits, but at times, I understand deficits.

Times like now when the economy's hiccuping and businesses are cutting.

That means fewer tax dollars are flowing.

But if you think that's an excuse not to cut taxes, then you're justifying the excessive government spending that got us into this mess in the first place.

No, this is just the right time to cut taxes. Because as we learned two decades ago, when you give people more of their money, they'll spend more of their money and end up -- get this -- giving Washington more of that money.

So even evil Washington wins.

Now don't get me wrong, short-term deficits do go up. And if Washington can't control its spending, it will go up. But don't let anyone in Washington frighten you into not getting your money back.

They've long bemoaned deficits to keep what they see as their money out of your hands.

They tell you interest rates will go up. Yet we've had them and they continue to go down.

What's more, the deficit, as a percentage of the overall economy, is a third what it was two decades ago.

Deficits aren't the problem. Washington using them as an excuse to hoard your money is.

Watch Neil Cavuto's Common Sense weekdays at 4 p.m. ET on Your World w/Cavuto.