Possibly the shelf life of the keg has expired. most domestic kegs will last around 60 days before the flavor diminishes. As to your settings, what is the liquid temperature and elevation of area you live. If you are at 38F and are approx. sea level - your Bud Light and Ultra should be at 14 PSIG with about five feet of 3/16" vinyl between the coupler and the faucet.
Scott Zuhse, Instructor
Micro Matic Dispense Institute