Begging to differ with you: U.S. debt servicing efforts rank low on America's priority list, and always have. America's has been a debt economy since Nixon took us off the Gold Standard. We don't pay our bills but we raise holy hell about anybody else who dares not to pay theirs. America raises money in basically ways: Taxes, and borrowing! Taxes on the people who can least resist paying, and borrowing from around the world, primarily Asia and the Middle East. Tax on the people is by far the largest portion of government income. It works like that federally, just as it does in your home town where property tax is the city's "cash cow."
Large swaths of the global financial system are structured around the
idea that U.S. debt is the safest in the world. If that assumption was
ever called into question, chaos would ensue. This is the central
problem of breaching the debt-ceiling.
The federal government could soon pay
more in interest on its debt than it spends on the military, Medicaid or
The run-up in
borrowing costs is a one-two punch brought on by the need to finance a
fast-growing budget deficit, worsened by tax cuts and steadily rising
interest rates that will make the debt more expensive.
less money coming in and more going toward interest, political leaders
will find it harder to address pressing needs like fixing crumbling
roads and bridges or to make emergency moves like pulling the economy
out of future recessions.
Globally, debt is out of control because the leaders of the various countries haven't a clue about how to cooperate globally without constantly resorting to threats and blaming. "National Interests" and the ever present obsession with staying ahead or not getting further behind are twin albatrosses around the necks of the so-called leaders. They are not leaders! They are dumbasses flailing around in the dark using outmoded ideas, ideas that worked a little bit, but they worked because internet hadn't yet been invented to make communication faster than thought.
We are a World economy run by leaders whose minds are firmly stuck in the dark ages.