It's not an either/or question when clearly it has been both. However, it's also clear that the current run (an unprecedented one) is being driven primarily from the Democrat side. No matter. In either case, there are limits as seen clearly in the article about who holds treasury bonds. There's the further specter of devaluation. The situation looks more and more like Argentina in the early 2000's to me but with the caveat that the US workforce has historically been more creative and more innovative than has Argentina's.

And while the federal government conservatives have clearly not been real fiscal conservatives, many of the state governors certainly have been, out of necessity.