Federal “debt” is the total of outstanding #Treasury #Securities.
The US government could pay off all its so-called “debt” tomorrow simply by debiting all Treasury-security accounts and crediting the Treasury-Security owners’ checking accounts.
The entire process neither adds nor subtracts money from the economy (but for interest paid).
#obligations #bonds #liquidity #borrowing #debt #money #Treasury #PublicTreasury #currency #MMT #policy #economy #credit #economics #macroEconomics #USPol