i guess if the program was explicitly monetized
maybe the fed directly bought the issued ear marked debt
it would look like just " a fairness just desserts regulated"
fed helicopter drop
but of course the FOMC
can off set or accomodated any net new issue by the treasury
simply by
a purchasing program or selling program
of any t issued paper
that the fed deems roughly equivalent
or ....you know ...whatever !
---------------------------------------------
the key is a fed hog tied to treasury actions by a clear response imperative