And then there is the massive reason why we have really undertaken this route. Debt. We have close to $12 trillion in public debt - cash basis - not counting the committed unfunded liabilities of social security and medicare, which add about $42 trillion, and not counting the guarantees issued for this crisis. In total we have $65T of debt, versus annual GDP of about $13T. How can government continue spending at high levels and pay down debts? Raising taxes like FDR did in 1937 took the economy down for another 7 years.
I doubt politicians have a plan to pay our debts other than to inflate them away. Since the Asians that have bought our treasuries are wary that that may be the case, and their exports to us are down because US consumers are not buying as much from them anymore, they may (have to) stop buying our Treasuries, even sell their existing USD reserves to finance home infrastructure projects, the Treasury may find no buyers for debt to finance all of the stimulus spending.
So, since raising taxes is painful and politically unpopular, and since the left hasn't spent years plotting to take the WH to become fiscal conservatives, since the Asian savers are on to us, and since the Fed has already given the Obama administration the QE EASY button, the most probable case is he is going to blister his thumb pressing it repeatedly.