That's all good and well. But what solution is the US government proposing with regards to their colossal debt?
Surely printing billions of dollars that they do not have will lead to inflation and a devaluation of the US dollar.
Seems to me that the main reasons why they have been able to get away with it for as long as they have is that there are countries willing to buy up this debt ala China/Japan and it helps that the US dollar has been the world's defacto reserve currency.
Lately however a number of states have begun moving away from trading in US dollars and trading directly with their national currencies. America can still fix this but it seems that at this stage they are still content with simply raising the debt ceiling.
Here is an example of what I was talking about-
http://www.theaustralian.com.au/business/economics/chinese-currency-agreement-set-to-deliver-a-welcome-boost-for-non-mining-exporters/story-e6frg926-1226615254310
