The level of deficit spending in The Bahamas is unprecedented, irresponsible and unsustainable, according to the Democratic National Alliance's (DNA) candidate for Carmichael.

Theofanis Cochinamogulas said The Bahamas received two major economic downgrades last year due to successive governments "developing and nurturing a chronic addiction to borrowing money."

"This borrowing started with the Progressive Liberal Party (PLP), which borrowed nearly $1 billion from 2002-2007 and continued with the Free National Movement (FNM), which borrowed about $2 billion from 2007-2012. Christie and Ingraham are oblivious as to how we should end this trend, but the DNA will aggressively tackle this problem," said Cochinamogulas in a press statement released yesterday.

His comments come after State Minister of Finance Zhivargo Laing defended the government's borrowing of more than$1 billion since the FNM took office in 2007, calling it necessary in order for The Bahamas to sustain itself during the global financial crisis.

He noted recently that the government borrowed $1.3 billion, in comparison to $800 million borrowed under the previous PLP-led government.

Laing also shared that while the credit ratings that international credit agencies give to The Bahamas are important to note, he emphasized these ratings only reflect the present economic climate in a country.

While Cochinamagulos admits that deficit spending doesn't have to be a bad thing, continuous deficit spending, year-over-year, is not sustainable and should be a concern of all governments.

"Despite unprecedented borrowing to stimulate the economy through capitol works, the average Bahamian has yet to feel the intended positive effect of the government's policy decision," he added.

"We are placing a serious risk to our way of life... We are mortgaging our future for some cosmetic purposes now, but we should be investing in the positive growth of our economic base."

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