Money loaned out by the fed has market-rational risk removed from it since it is "gauranteed" by the power of taxation. If a bank loans out its own money, it has its own solvency at stake not to mention the limitation of its own available funds. This greatly restricts the availability of money for loans compared to what is available with the fed res system. If a bank loans out the fed's money it would have to be altruistic to decide that the fed's policy is too loose and is putting the taxpayers at risk.
Government debt and money created by the Federal Reserve are two different things.