Experts who think the US won't default don't understand how much politics has changed in this country in 30 years, and how the centers of economic and political power have shifted. The 'far-sighted' empire building of the Northeast Establishment has been supplanted in many respects by the short-term outlook of big business centered in the Southeast, South and near West.
The U.S. ruling class is in disarray internally.
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And yet it is not the Federal debt that hinders the private sector, but private debt.
It's hard to grasp the total US debt. In Canada are Fed debt is about $600B 50% of GDP but are Pension and Health care liabilities are another $1.2T, and then you have additional Provincial and Municipal Debts - total government obligations are $2.4T in Canada, A WHOPPING 200% OF GDP. The debt to GDP stats regularly published and compared are skewed depending on what's included in it.
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