1) Perhaps I miss the distinction, but a bond is a debt, so "corporate debt and bonds" seems redundant.
2) No one should be Too Big to Fail. If a corp can't pay off its debt, let it go under. We'll survive.
3) Government attempts to "fix" this sort of thing can only make it worse.
It's a different flavor of debt - corporate debt is namely debt owed to a bank or consortium, as opposed to a bond, which is debt owed to an individual bond-holder (and which is traded on the open market).
Regards,