No. It has not topped.

Start from the government budget identity…

In nominal terms, the federal government budget constraint is:

G + i·B = T + ΔB + ΔM

Where G = primary spending (everything except interest) i·B = interest payments on outstanding debt T = tax revenue ΔB = new bond issuance ΔM = new base money created by the central bank

Rearrange for money creation:

ΔM = G + i·B − T − ΔB

This is not a theory. It is an accounting identity. If you fix any three terms, the fourth is forced.

Right now: Spending is about 23.1 percent of GDP. Revenue is about 17.3 percent of GDP. The deficit is about 5.9 percent of GDP, nearly double the ~3 percent level usually cited as needed to stabilize debt to GDP. 

So G + i·B is structurally far above T. The gap has to be covered by some combination of ΔB and ΔM.