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RE :”Think of it this way. You had a lot of bills to pay and you were juggling them every month, alternating those that got paid while incurring heavy late charges and higher interest rates. So you borrowed enough from the local loan shark to pay off all your bills and now you only have to pay the loan shark - but his interest rate is even higher and penalties are much harsher. “

This is not exactly what happened late 2008-2009. Interest rates were low with controlled inflation because the world economy went sour and there was a flee to the dollar. And we (federal government) borrowed as much as we could similar to that temporary teaser 0% APR (that congress tried to ban for credit cards) that was guaranteed to skyrocket given any increase in demand and economy improvement. So Obama borrowed (given Bush's lead) more than the country could ever paid back, and promised us it was free.

China can never force us to pay them back, but they can cut back out credit line which is all we have left to keep us a float.