Maybe pre 2008, not so much nowadays:

-US debt is $34T+

-Feds balance sheet is ~$7T

-M1 is ~$18T

-M2 is ~$21T

-2025 Federal Budget outlay is projected at $7.3T approximately $1T of which is interest payment.

…Even if it wasn’t just a little accounting trick it would be a drop in the bucket slightly strengthening the US dollar in the short term.