So I'll try to simplify it for you.
Hypothetical scenario: you and your spouse, like many Americans, have too much debt. You have your mortgage, a home equity loan, car payments, and credit card debt. Your spouse gets laid off, so your family income drops, and you find it difficult to pay the bills. What's the solution? Taking on more debt? Going on a spending spree? Of course not. They're the very things that got you into this mess. So what do you do? Cut spending of course.
Now let's take it to the next level.
Our government is running trillion dollar deficits as far as the eye can see. And that's BEFORE social security and Medicare get out of control. There are four ways to fix the situation, and only one is good. Here's the good one: the government could spend less! Unfortunately, they seem incapable of this. (Bush wasn't very good at it, but Obama makes him look like a piker.) The other three are: 1. borrow more, taking on more debt, 2. raise taxes, or 3. print more money and inflate your way out. None of those options are particularly good.
But those are the only options the goverment has. Since Obama is going to increase spending -- no secret that -- he can pay for it by borrowing more, raising taxes, or printing money (and paying off the debt with depreciated currency). That's it. Those are his only choices.
So, what does he do? It looks like Obama has opted for the three bad options: he will borrow more, raise taxes, AND print more money. Cut spending? Nah, that would be too fiscally responsible. So, we've gone from tax-and-spend under Bush to tax-and-spend-and-print under Obama. It does not have a happy ending.