This meme should die. It's just a thing said aloud without any numbers or estimates backing it up. US economy would do just fine and debt would be managed without the reserve currency status. Japan has significantly more debt than US and it manages without reserve currency just fine.

Reserve currency status helps US financial sector but it also hurts US competitiveness and exports. The net benefit is estimated to be between 0.3 to 0.5 percent of US GDP [1].

1. An exorbitant privilege? Implications of reserve currencies for competitiveness https://www.mckinsey.com/featured-insights/employment-and-gr...

2. Questioning the U.S. Dollar’s Status as a Reserve Currency https://www.jpmorgan.com/jpmpdf/1158630192140.pdf