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So your problem with the banking system in general is that in the US it's run by the federal reserve, which is not a government entity?
IMO, as long as they do a good job of keeping the money supply in check (and therefore the interest rates and inflation and the economy), I don't see a problem.
Besides, I fail to see what the federal reserve has to do with the US budget deficit. The deficit is caused by the US government spending more money than they have. Disbanding the federal reserve, and printing your own US money isn't going to change that fact.
Hell, we in the Netherlands have a government-run national bank in the netherlands, and we also have a deficit. Of course, most of the monetary policy is dictated by the European central bank, but even when we had our own dutch currency we had deficits. The central bank did (and is still doing) a pretty good job at keeping the money supply stable, resulting in low inflation and low interest rates; that didn't (and doesn't) change a thing for the government budget, though.
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