Oddly, it's the bondholders' money that's funding government spending as they buy bonds. But treasuries are so close to cash that they're almost considered equivalent, so they get to keep the money too. Apparently, increases in government debt effectively create new money, plus an income stream paying very low interest.

So you might say any inflationary pressure from increasing the money supply should have already happened? The question is whether to reduce the money supply and income stream by paying off the bonds, keep it going by rolling them over, or remove the interest payment stream while keeping the money supply almost the same by monetizing the debt.