Labour have not "learnt their lesson" on the deficit, the Culture Secretary said as he claimed "spending and borrowing run through Labour like the words in a stick of rock".
Sajid Javid accused Labour of planning to spend and borrow more if elected in 2015.
Speaking at the Centre For Policy Studies in Westminster, Mr Javid said reducing the deficit had been the "foundation" for the UK's economic recovery.
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The country, he said, faced a "serious decision" at next year's election about whether to continue with the current Government's "long-term economic plan" or to "hand Ed Miliband the keys to Downing Street and to go back to Labour's approach of higher taxes and more spending".
The deficit, he said, was down by more than a third, was predicted to fall to half by the time of the 2015 election and be eliminated before the end of the next Parliament.
Turning to Labour's future plans he said: "The Treasury have looked at the effect of a current budget balance, which is the same as Labour's policy. This analysis shows that in 21 years, Labour would still be running a deficit of £24billion in today's money."
Chris Leslie, shadow chief secretary to the Treasury, said in response: "These numbers have been totally made up. Labour has not set out any plans for extra capital spending after the election."