I don’t think it’s irrational at all. Everybody knows that the spending cannot continue, but nobody wants to do anything that involves getting the electorate angry enough to put heads on pikes.
Using an outsider that nobody would really blame for all the bad things that would come from making a deal with creditors is a good way to get out of the situation once and for all.
And pray tell who chose Trump for this elaborate subterfuge and then talked him into self funding it? Yeh that’s the ticket. LOL!