Monotonarians make the horrid Magic Walrus assumption

Here is a description of their theory.  Basically Congress controls money issuance and has way more room to issue debt.

 Not true, they miss one point, central banking is not really a monopoly; we have other forms of currency we use when monotonarians gets debt bound. In fact that is why governments get debt bound, creating alternative currencies is a well established tradition.

Stephanie Kelton, an economist at the University of Missouri, Kansas City leads  the new Modern Monetary Theory emerged as a 
distinct school of economic thought in the 1990s, when Kelton and her colleagues—mainly professors with homes in heterodox economics departments like the University of Missouri, Kansas City, and Bard’s Levy Institute—published research and discussed their theories, albeit mainly among themselves on a now-defunct listserv called “Post-Keynesian Thought” and at an annual conference that started in 2003.

 It follows that currency-issuing governments could (and, depending on how you lean politically, should) spend as much as they need to in order to guarantee full employment and other social goods. MMT’s adherents like to point out that the federal government never “runs out” of money to fund the military, but routinely invokes budget constraints to justify defunding social programs. Money, in other words, isn’t a scarce commodity like silver or gold. “To people who’ve worked in financial markets, who work at the Fed, this isn’t controversial at all,” says Galbraith, who, while not an adherent, can certainly be described as “MMT-friendly.”

Governments get debt bound, unable to make interest payments like anyone else, sorry, there is no  magic. There is, however, long time scales and deeper depressions.