What loopholes? If you plan to do that, remove exemptions for having children. Remove them for work related expenses. This targets enough people to actually reduce debt.
The Feds of course own oil. And you are not quite correct on them not being able to drill for it. It does not take a village to realize all that stops them is simply buying and operating oil rigs as they operate ships that they pay to have built. They buy tanks, cannons and explosives. They simply can divert some to getting oil for the sole purpose of paying down the national debt. The Fed hire experts all day long.
Also, perhaps you do not know how vast the land holdings of the Feds are. Sell some of that land and purpose it to the national debt. All I get from your ideas is to punish the voters over them voting in Biden and his bunch.