Who cares how big the debt is, if it bears 0% interest? We can have all the wars, all the entitlements, all the bloated federal wages and pensions, all the welfare for illegals, all the goodies that we could possibly imagine on the Big Rock Candy Mountain. This shouhld really give asset prices a kick in the pants.
In theory, yes, and maybe in practice, but only if the Government "states" that CPI is zero. Otherwise, the pesky cola-ed expenses of the government will eat its lunch overtime.
The unintended consequences of actions at this point in our centrally controlled financial system (yes, we are the old Central Planning Committee of the USSR at this point from a financial management sense) are so far reaching and complicated as to make them nearly unknowable.