"Accordingly to the Congress Budget Office, the U.S. federal budget deficit is projected to be $2.3 trillion in fiscal 2021. "
A sovereign currency issuer never needs to "get" money to spend because it is the only net "SOURCE" of the money it taxes in. If the deficit is an obligation against future productivity, as you imply, then who would we pay it back to, and why?
Taxation removes money from the private sector and spending adds to the monetary assets of the private sector. Since the sovereign currency issuer has no need to "fund" its spending (federal spending actually funds both taxation and borrowing) a balanced budget represents the theft of the real resources and labor the government uses from the private sector. It leaves no payment to store value from that commerce with the private sector.
Taxation drives the need for the currency in the private sector and serves other purposes as well. However, it is impossible for it to fund the spending of the monopoly currency issuer. Ditto with borrowing, as one cannot borrow what doesn't yet exist. This simply means that deficits represent the net savings of the private sector denominated in the currency the government creates at will. It is the collective monetary gain from commerce and necessary to retire private sector debt.
The concept of needing to be the issuer of the reserve currency of trade to support a vibrant economy is false. Many nations manage to surpass America in most metrics considered representative of a healthy economy without ever having such a position. The future of the bond market will have no bearing on the ability of the federal government to fund the economy.
This is largely why America's bonds are so widely sought as safe parking for excess reserves, not some artificial status that has no real meaning. We officially gave up the reserve currency status in '71. We will do just fine in either case as long as the real resources and productivity of America can be assured for future generations. That, however, requires investment in the things that are always the first to be cut when ignorance and corruption dominate politics.
