Just a Thought

When guys like Krugman are skeptical of QE, it is often couched as monetary policy is not enough on its own to bring recovery without a complementary fiscal component as well.  But, if you think about it, the announced size of QE is roughly commensurate to the size of the budget deficit in a given year.  Thus, in a certain respect, the bond-buying program of the Fed operates to subsidize the rest of the government.  So, at what point do we stop acting like monetary policy isn't itself just fiscal policy by another name?