Seems to me they will print their way out of it. No other option. Expect 15% intrest rates and 20% inflation. Just like Carter. They will have to jigger the cola for social security and other intrest sensative payouts. But that will be easy for them.
My forecast is similar but also depressing, 20% interest rates, 30% inflation in energy & food, deflation in everything else.
That is a very conservative estimate for the inflation side of the picture. I'd add at least another zero, two if you change the 2 to a one.