Is Warren Buffett right about the printing press?

Warren Buffett keeps crowing about the Fed having the printing press and can print all the money they want. If it's so, why can't they print more money to pay for the annual $1.5 trillion in budget deficit? Why can't they pay down $14 trillion in national debt? Is this typical American arrogance? He says America is doing fine, but just because Berkshire Hathaway is doing fine and making a lot of money at the moment, does it mean America is heading in the right direction?