The US won't default unless the President chooses to, there is still plenty of money to make the interest payments on the debt, it's under 10% of revenue. All we have to do to balance the budget is go back to what we were spending 8 years ago... Only 8 years ago... That's how much the government has increased.

What would happen is the government would be forced to make cuts in other areas. There is still enough money for most of the entitlements and the military but other areas would undergo drastic cuts.

Government Spending to stimulate the economy doesn't work, the best quote is from FDR's own Treasury Secretary and creator of the New Deal where he said in front of congress, "We have tried spending money. We are spending more than we have ever spent before and it does not work... I want to see this country prosperous. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promises... I say after eight years of this Administration we have just as much unemployment as when we started. And an enormous debt to boot!"