That is the sound of the printing presses running 24/7. Because that appears to be how we are funding all of Obama's spending right now (source)
When folks say they are not worried about the deficit, because folks still seem eager to buy our debt (as evidenced by the low interest rates) note that the general public has been a net seller of US debt the first 2 quarters of 2011. In fact, the only buyer has been Uncle Sam himself, buying up the debt with newly minted cash (or electrons, really).
One other interesting issue, the Fed seems to have been soaking up the money supply in the early days of the recession, before the high-profile business and financial failures really got things moving downward.