The debate over details is amusing—the national debt is going to face a default—it is just a question of _when_ that is going to happen.
It will probably be in the form of a “new currency”. The best time to make such a move would be during wartime so that everyone will be told they are doing their patriotic duty by obeying and turning in their old currency to get the new one.
Once you _know_ you are going bankrupt, you might as well partee on as long as you can....
We have a winner. But.....COVID. Using Covid as the cover let's them duck the decades of fiscal irresponsibility and lets the plebes focus on that.