[avsteele]

Not at present (intergovernmental is 22% as of Jan 2023)

https://www.thebalancemoney.com/who-owns-the-u-s-national-de...

But even if you were right, it wouldn't matter.

Fed debt is effectively monetized or will be sold back to the public later. It doesn't change anything. At best you can make a hand waving claim about it meaning we can get away with a bit lower interest rates while monetizing.

The rest held by the gov is mostly social security. It represents an obligation to make payments to people outside the government (under current law). Not sure why anyone would think this doesn't matter.

We'll learn soon enough whether the US defaults, monetizes, or substantially reduces SS payments first. Suppose tax increases are theoretically possible, but they would need to be substantial to cover the deficits of 25% we run regularly now.