In the past year $11 trillion of household wealth has been wiped out. Therefore, it is a good thing that the deficit will reach $1.8 trillion this year. Another way to think about it is that the government is providing $1.8 trillion in financial assets to the household sector. Still a long way from recouping the entire, $11 trillion, but nothing to sneeze at, to be sure.
Definition: Deficits add to private sector net savings in the form of financial assets (Treasuries).
Private savings accounting identity:
Pvt = (GDP + NFI - T + TR + INT) - C
GDP = Gross domestic product
NFI = Net foreign income
T = Taxes paid to the government
TR = Transfer payments from the government
INT = Interest paid on the government debt
As you can see, three of the imputs that determine private savings are all related to the government: T, TR and INT.
The deficit effectively increases both TR and INT. Deficits mean higher transfer payments are occurring (or at least above the amount of revenues taken in) and intrest paid by the government increases as well. The latter occurs even if interest rates are low, due to the fact that the amount of Treasuries held by the public increases. For example, 10% of 1 million is the same as 0.1% of 1 billion.
Unfortunately the president doesn't understand that the level of private savings could be increased further if taxes were cut. He is actually pushing to increase taxes because he is operating under the false notion that taxes are need to "fund the deficit." This is erroneous and it displays a fundamental lack of understanding of our monetary system.