As usual, Stan Collender makes much sense:

The problem is not, as some inside the Beltway have been insisting with increased vehemence in recent days, that the federal government is currently running big deficits and borrowing. With businesses and consumers still not spending very much and the Federal Reserve not able to stimulate economic activity by lowering interest rates, fiscal policy — tax cuts and spending increases and, therefore, increased government borrowing — has been the only tool available to policymakers. Using it now makes sense.

[...]

The real concern and focus about government borrowing should be on what happens after 2010. Those trying to make a big deal over the amount being borrowed now are too conveniently denying that this is what’s needed to get through the recession and forgetting that their own actions played a substantial role in getting us to this point. Those are sins of commission and omission.

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