Sorry if I didn't directly answer your debt question.
The "Power of the Purse" lies within Congress and more specifically the House. As we know Nancy was the House Majority Leader during most of the Trump administration and therefore controlled fiscal policies.
I understand many people forget high school government class (not trying to belittle anyone) as government sucks and confusing but that is why we have three branches of government.
The only time any president is responsible for spending is through their limited authority with Executive Orders. Other examples can be the War Powers Act.
Each branch has built in Checks and Balances in order to restrain another branch of government in order to keep them from going full retard. One Check in Balance is a tie breaking vote by the Vice President in the event of a tie in the House and Senate to pass a bill. This makes the Vice President directly accountable for the bill. The Inflation Reduction Act was directly passed due to Kamala's final vote.
None of this looks good for this administration or the Democrats that controlled Congress during the Trump administration.
We didn't forget!