You are thinking of “money” in a system that recognizes the currency only as a tax credit. Once a dollar is used to pay a federal tax it has served its function and disappears into the thin air it was created from. The private sector uses the government’s tax credit as “money”, a unit of measure to define price and contracts, but the government sector has no use for it as money because it can create as much as it needs and must do so before it is available to be collected or borrowed.

Deficits are determined by how many tax credits the government leaves in the private sector after accounting for tax collection. It is a positive number for the private sector and a negative for the government sector. These two must always balance. Even if your system allows for spending of some of those tax credits by Congress, they can’t also pay down the debt in some dual purpose. In your system of accounting that means you have more than sufficient income/revenue to make payments to your bank and divert the rest to other uses. That can’t work where every dollar the government “owes” is due upon receipt of tax payments to maintain that balance.

The debt is literally our net money supply in the private sector after private bank debt is balanced out.