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In the past we typically owed the majority of the deficit finance to ourselves. This current round is a little more interesting because China holds a particularly nice portion. Arab nations have always had a nice chunk but we could care less could we because we were sure we would easily kick their ass. China could maybe actually get us to pay up if they wanted.
But of the fun things in our economy right now the deficit is probably the least worrisome. You should pay much more attention to the rising cost of oil. If we have a particularly cold winter in any major metropolitan areas and people start freezing....then we'll get to watch a lot of fun riots on TV. They will be particularly entertaining if enough of our guardsmen aren't back from Iraq!