US default on debt would trigger an 'economic catastrophe' – Yellen

The lack of fiscal responsibility by US governments has been pretty disappointing. This includes local, state, and the federal government.

I understand that since the USD is the current reserve currency, it gives us a bit more flexibility with regards to debt, but it doesn't seem wise to abuse this over the long term. We've normalized taking on huge amounts of debt that I don't see ever being paid back, it only keeps increasing.

I'm not sure what the solution is, or what the consequences will be, but it gives me an uneasy feeling that at some point in the future, the US will default and economic problems will ensue.

US default on the debt would be unconstitutional. Clearly and explicitly. If other laws make it impossible to pay our debt, at least one of those other laws is invalid in that application. Maybe that's the debt ceiling. Maybe that's something stopping us from monetizing some portion of the debt. Maybe something else, though not arbitrarily seizing property because that's otherwise protected by the Constitution.

I'm not claiming any of these are good options, but "the debt ceiling will make us default" seems incorrect and irresponsible.

All it takes is US Congress to vote to raise the limit. This is McCarthy's Republican house hoping that Biden would get blamed, and any consequences to everyone else don't matter.

As if, too big to fail?