There are more false assumptions here than I could hope to challenge without presenting a course on econ, but I'll try to hit the bigger ones

The "debt" is nothing more than the difference between money congress has created over the history of our country and the taxes it collected (destroyed). It is our "net money supply and the product of our past productivity, not a "loan" to be paid in the future. It is our net savings in dollar denominated savings.

The sovereign issuer or US dollars never needs revenue to spend so there is no need for it to issue bonds except to provide interest bearing vehicles for savers. The spending must come first before there is money to borrow and the choices available are reserves or bonds, making the Fed the rate setter for bonds. Those with extra reserves will likely choose bonds, but they already had the reserves needed to purchase bonds.

Private sector banking doesn't use "savings" to make loans. In fact, it is loans that create the bulk of reserves except in the case of federal spending. Since paying down bank loans destroys money in the system, balancing it with the private debt owed, federal deficits are necessary to net retire bank debt.