The U.S. doesn't finance its debt by creating money, it's done by borrowing. In this case, 'insolvency' would mean a threat of default and so far we've had no credible worry about the value of U.S. Treasury bills. Maybe a far better description would be by simply saying that Americans have overspend, and are going to have get used to doing without.
The Federal Reserve creates new money and then “buys” T-Bills with it.
It would be simpler, but it would be wrong.
My father graduated from medical school in 1947, as did I in 1976.
For good and for ill, the American population is uniquely maladapted to "doing with less".
As long as people are allowed to vote and elect their government, what is most likely to happen is for the debt to be repudiated. If there were a way to place a bet on that, I would do it right now.