You could print without borrowing.

The government is endebted to the bond market, but the federal reserve/central bank (through quantitative easing or similar) could buy all the bonds with money that is simply created, not borrowed.

That way, the government's debt would be owed to the fed, at which point it could simply be cancelled.

The fed would not have to buy all the debt at once, but could do this in stages. To me, it looks like (and please fact check me if anyone knows) the dips in the graph overlap pretty well with previous QE periods or, as was the case in other crises like covid, the slashing of interest rates (which is abother way of printing money).