It isn't being used to pay off the debt. That would be inflationary. It's being used to back the issuance of further debt, and in that sense it's a complete acc

It isn't being used to pay off the debt. That would be inflationary. It's being used to back the issuance of further debt, and in that sense it's a complete accounting trick. If we minted a quadrillion dollar coin for this purpose it would be equivalent to abolishing the debt limit.