From a policy standpoint, neither deficit may be terribly harmful in the short run, and at least the recent fiscal deficits have been useful in stabilizing movements in output. Moreover, there is likely to be a credibility range in which debt levels could rise relative to GDP without much change in relative prices.
In the long run, however, both deficits could become much more worrisome. There are forces tending to increase both deficits: political and demographic for budget deficits, income elasticities for trade deficits. At some point, continued large-scale trade deficits could trigger equilibrating, and possibly dislocating, changes in prices, interest rates, and exchange rates.