In the history of the US, at the onset of every war or crisis, a period of federal deficit spending ensued (red bars in graph below) to overcome the challenge but at the "challenges" end, a period of federal austerity ensued. Until now. No doubt the current financial crisis ended by 2013 (based on employment, asset values, etc.) but federal spending continues to significantly outpace tax revenues...resulting in a continually rising debt to GDP ratio. We are well past the point where we have typically began repairing the nation's balance sheet and maintaining the credibility of the currency. However, all indications from the CBO and current administration make it clear that debt to GDP will continue to rise. If the American economy were as strong as claimed, this is the time that federal deficit spending would cease alongside the Fed's interest rate hikes. Instead, surging deficit spending is taking place alongside interest rate hikes, another first for America.
The chart below takes America from 1790 to present. From 1776 to 2001, every period of deficit spending was followed by a period of "austerity" where-upon federal spending was constrained and economic activity flourished, repairing the damage done to the debt to GDP ratio and the credibility of the US currency. But since 2001, according to debt to GDP, the US has been in the longest ongoing crisis in the nation's history.