I don't think we want to find out. Best, and most probable case, the government renegotiates the debt and agrees to pay stiff penalties. Worst case? Countrie

I don't think we want to find out. Best, and most probable case, the government renegotiates the debt and agrees to pay stiff penalties. Worst case? Countries start seizing assets worldwide. Maybe just America government assets, maybe also American citizen's assets. Who knows how far that escalates. Perhaps the government will reimburse citizens, maybe they will sabre rattle. It's hard to tell. This is like Brexit. It's really hard to predict what will happen as a result, but we know it's going to be both bad, and far reaching. I strongly suspect that the Administration, Treasury, and Fed all have provisions in place for if this were to happen. The debt ceiling debacle has been getting worse every year, and given the events of 2020, it's not crazy to think that there is a real possibility of default. There are probably members of Congress who are hoping for a default, thinking it may cripple the country.