Except the page linked is the FEDs balance sheet of assets they bought with printed money which is predominately used to buy our government's debt so they are actually basically reducing our governments debt assuming they never sell it like japan. Considering they barely sold any assets from QE during the longest expansion in the history of our country, I'm betting we are going to follow japan on this.
That's not how it works, but even if that was the case, if that debt was owned by the Federal Reserve, who get the interest of that money? and who is the owner of the debt?
If you really want to get into the complexities of who holds US debt and what happens if some of it is cancelled or whether than can happen, that's a huge discussion taking weeks of work and requireing PhDs to answer.
I'm just making quips about how much debt has been run up since 2008 and how little the US (or other nations that have followed the same policies) actually has to show for it compared to what it will take to pay it off...
We're not literally selling the kids. But it is the kids that will be paying off these huge debts via higher taxes and less services.
The debts are mainly owed to China, Japan and a few other nations as well as big private lenders (hedge funds and billionaires)