Fiscal restraint is only an obstructionist tool used in Congress when the other party has the White House.
True fiscal conservatism will be imposed by the bond markets when governments and institutions don't show up at Treasury auctions to buy new bond issuance. This will cause real market dollar-denominated interest rates to increase beyond the Fed's ability to manipulate it.
So long as there is sufficient demand for US Government debt interests, the US Government will keep going into further debt.
Watch the price of precious metals. They are alternative stores of wealth to US Government debt instruments. Since there are no alternative exchange currencies to the US Dollar, those seeking to divest or diversify away from the US Dollar will buy non-dollar denominated instruments (metals, land, bitcoin, alternative currencies) as stores of wealth instead of US Treasury Bonds.
Those countries upon whom we apply tariffs will be less likely to direct future surplus trade dollars towards future purchases of US Treasuries.
As long as the feed trough is full, the hogs will keep feeding.
