No, it doesn't. Deficit spending does not create new money. Deficit spending borrows existing money from people in the economy who already have it, and gives it out in exchange for a share of future revenues. The Fed does not participate in Treasury primary auctions and does not monetize the debt as a means of funding government operations.

Think about it this way: if money were just created to fund the deficit why would we have a debt? That's double-counting. You can invalidate your hypothesis very easily: the M2 money supply is about half the size of the debt. It's not possible to square that circle unless deficit spending was re-pledging existing money.