With regard to the recent 2 trillion dollar coronavirus package, is the money just being printed or borrowed? A gentleman from the tax payer union claims the taxpayer will eventually be on the hook.
If it is borrowed and budget deficits become a problem then the Fed will step in anyway.
The USA situation is the same as with the BoJ, which helps fund a Japanese 250% debt-gdp ratio: the Fed's profits are donated to the govt anyway. Purchasing govt debt with printed money essentially cancels the debt as any returns paid on the bonds are donated back to the govt.
The 2t coronavirus package, unless a vaccine is found, will not nearly be enough to stop a depression. Helicopter drops will be needed for at least the next 6 months. However, the US only has about 110% (?) debt-GDP so it can easily afford another 20t stimulus before it even approaches Japanese debt levels.