In a way, yes, they are selling government bonds and bills to foreign companies at a higher rate, which will eventually flood the global markets with our US dollars which will over time, devalue the value of our U.S. currency, which will bring about inflation.
In addition, they are also looking to increase taxes across the board to pay for more of these government programs; and the administration has also introduced legislation to lessen the about of deductions one can take on their tax return.

Bail out of banks and autos have already been budgeted for 2009 and 2010. So yes its new money but accounted for and known. Bear in mind some of the bank bail out from Treasury, roughly $70 billion is about to be paid back. My concern is that banks may be premature in the repayments. Rising commercial real estate defaults as well as the potential jumbo mortgage wave of defaults bode ill. If we layer the impending auto industry lay-offs we are not out of the woods.