Government issues bonds because laws force them to issue bonds to pay for expenditures beyond taxes received. Someone directs their bank to transfer 1 million from their account to the government in exchange for an interest bearing note worth 1 million dollars. The Treasury then deposits it at the fed, the fed debits one account, credits another account. Governments only issue bonds because laws force them to do so. Now imagine bypassing this arrangement by allowing the Treasury department to spend money without regard to taxes received. No interest is owed. Now let us say the government is liable to bond holders for 20 trillion dollars. All of those trillions of dollars were once in the economy but were exchanged for notes. The money paid was given to the Treasury by crediting their account, debiting bond holder accounts. The Treasury spent that money by buying goods and services from the public or paying employees of the government to perform services demanded by the people and Congress. One day that money is in private bank accounts, the next day it is in the governments account which pays for things all of us want and demand. A simple change in the laws would allow the government to bypass this antiquated system and simply spend money directly from the Treasury. This is how the debts will end up being paid sooner or later. There really is no dire need to pay down the debt as long as all of us want to live in an economy where the government takes our money to spend on the things we demand. The government can never, ever run out of money it alone creates. Governments spend money into existence, that is the only way to create it in the first place unless we all decide to create alternative money. That has been tried before but it does not scale.