It is the federal government that accounts for nearly all of the negative saving; state and local governments have generally balanced their operating budgets because most of them face constitutional or statutory requirements to do so. Although the Treasury ran a surplus as recently as 2001, the prospects for its doing so again anytime soon are not high.
Preliminary, provisional, subject to revision, condition-dependent forecast I just sought to describe the challenges in conducting monetary policy in this environment. That should caution us to steer clear of ironclad policy prescriptions.