There is a difference between bonds and money. Bonds cannot be used to buy goods and services, money can. Inflation comes from too much money chasing too few goods. This plan would borrow from the federal reserve and use money to pay off maturing bonds (instead of raising the debt ceiling and using new bonds). The net impact on the money supply would be $5 trillion higher than using bonds. Given that the current money supply is about $9 trillion, this would be problematic, to say the least.