Assuming the US legislature hasn't been almost completely broken since 2010, there are really just 3 solutions to the country's ballooning debt:

1. Increase taxes (a no-go for Republicans) 2. Default (a no-go for everyone) 3. Reduce spending, probably entitlements and not military (Republicans would love this; Democrats would whinge)

Option 3 is the most likely to occur if the legislature was able to get its act together.

None of this would stop the decline of the USD as world's reserve currency. With the ongoing political chaos in the US, countries are wise to diversify.