Or, devalue the US$, increase the price of imports and commodities, increase general prices, increase wages and incomes in a lagging manner, pay off the deficit in devalued dollars
A rising tide raises all boats. The boats tied to the pier on a short rope or at anchor will not rise. That would be banks and bond holders and creditors.
The procedure is classic governance since the beginning of time. Inflation is always the cure for failure of the governors
This is the part that destroys the middle class. Wages never catch up to prices...