Deficits

By identity, current account = financial account. But this doesn't mean that causality runs from budget deficit or current account.

This is the "twin deficits hypothesis," which may or may not hold, depending on what happens to other categories of spending in response.

it depends on how private saving/investment responds. i'm unaware of decisive empirical evidence on this (but perhaps it exists)

Depends on the fiscal action--more likely with a cut in government purchases

It depends on how it is done. Taxes up? Government expenditure down? It is also possible to have a large trade deficit with fiscal balance.

If a dynamically balanced budget is expected, then timing of fiscal deficits will not affect anything.

It depends on how the budget deficit is reduced, of course.
-see background information here

Depends on how the fiscal deficit reduction is achieved. If through higher consumer/income taxes, then trade deficit would probably decline.

Standard open economy macro for long run/full employment. Subject to reservations on timing, size, and equilibrium nominal interest rate.

There are so many variables at work here, including how the deficit is reduced, to be sure of the effect.

All else equal...