US deficit is now in Botswana and Russia territory in terms of record levels relative to GDP. The argument that this is not inflationary sounds to me like pushing water uphill.

$1.4 Trillion Deficit Complicates Stimulus Plans

WASHINGTON — The Obama administration said Friday that the federal budget deficit for the fiscal year that just ended was $1.4 trillion, nearly a trillion dollars greater than the year before and the largest shortfall relative to the size of the economy since 1945.

http://www.nytimes.com/2009/10/17/us/17deficit.html?_r=1&th&emc=th