That is true.
However, by percentage of GDP, we are spending less on Defense during the current GWOT than those times you cited.
Today spending, tends to be on other concerns.
The current account deficit is more or less the trade deficit. It is not the budget deficit.
The CA deficit is the trade deficit plus earnings from investments and foreign aid.
So if I buy a jap stock, sell it at a 10k profit, take the profit and buy a jap car.
The trade deficit would be 10k, but the current account deficit would be zero.
If a mexican makes 10k in the US, sends it home to mom and mom buys a US car, the current account is again zero but the US would have a trade surplus.
If I borrow money and buy a 10k german car, both the current account and the trade deficit would be 10k.