As long as the debt is payable only in dollars and dollars are available only through fractional reserve banking, it's impossible to ever truly reduce the debt owed to the Fed through any means other than default. We can shift it around (and have been for some time now), but it still exists.

The real kicker is that our economy is dependent on the nonstop creation of new debt. Without it, the money supply dries up and we enter a deflationary recession.