Bob Brinker ripped Hillary a new one for economic ignorance today on this topic. We can default on the debt or monetize the debt, i.e. the Treasury prints more money. We're in the drivers seat borrowing money at cheap rates.
Anytime someone suggests this sort of thing I cringe.
Oh well, I was taught that morals matter, but I see they don't.
You make a promise to pay someone for something, then default you are breaking your promise. Is this what you teach your kids, assuming you have any? Make promises and break them? What other promises are ok to break, marriage vows, your mortgage? How would you like it if everyone who ever owed you money just defaulted because they didn't feel like paying. That wouldn't be very nice.
Finally, the Treasury doesn't just print money. Any money we get is borrowed at interest from bankers which have the power to issue credit represented by their own symbols. Taking this action contributes to inflation which robs savers and has a detrimental effect on the cost of living especially for the poor and elderly. And it adds to the national debt.
There was a very good system of international finance based on gold and silver coin in the 18 and 19th centuries, much of it set up by the British Empire. It all went to hell in 1914. Now we talk glibly of walking away from our obligations as if nothing were ever wrong with that. Worse, we do it all the time, with inflation.