“Each administration kicks the can down the road until one unlucky president will have to deal with the outcome.”
The only thing wrong with this argument is the question of how this would ever happen? Hasn’t yet, why should it ever?
John, I think you should study some history. Wars have been fought over this, economies have collapsed. It ain't pretty. What happens if you run up debt until you can't pay it?
To get you started, here are a few examples. And few more. There are plenty more if you search.
Finally, here is a more technical paper showing that nations that run their debt up over 90% of the GDP get in real trouble.
Have fun!