The paper explores whether a government budget deficit can be sustained without causing inflation by issuing bonds instead of money. Using a model, it is found that this hypothesis is valid if the deficit includes interest payments. The study also shows that the stock of bonds can grow faster than the economy, as long as it is less than people's preference for immediate consumption. The paper also discusses different deficit definitions, analyzes Reagan administration budget plans, and looks at the feasibility of a constant money growth rule.