Quote from achilles28:
Because the FED monetizes a significant portion of debt, which keeps rates artificially low, which allows the Government to borrow on the cheap.
If the FED did not buy Government debt, borrowing costs would be much higher and consume an untenable portion of the budget. Therefore, the Government would be forced to borrow much less, as it simply couldn't afford to carry the current debtload at market prices.
Congress is a heroine addict. The FED is their drug dealer. IOW, the FED enables unsustainable deficits through monetization.
Bernacke blames Congress and Congress blames the FED. They are both to blame. And they are both lying. And they both know it. It's a big game. A joke.