No, it was spent - not simply transferred. What is spent over and above what is budgeted must be paid back with future revenues, i.e. higher taxes on current tax payers, taxes on people who are too young to vote or people who haven't even been born yet.
Politicians of all stripes spent money from people not even born yet to buy votes from the current crop of ignorant voters.
How are you going to get that back? You can't get back or transfer what's already been spent. All you have left is a pile of IOU's miles high. Who's going to pay those IOU's?
The so-called "Greatest Generation" and their children have voted to tax their children and grandchildren without the consent of their children and grandchildren.
In short, they as a whole have become no better than the English tyrant George III.