To make it even more confusing the federal reserve holds bonds over about 10% of our debt so if we're actually going to default on someone I think it would most likely be ourselves...
But then what would happen next is anyone's guess...
I think the general consensus is in the best case scenario we get a credit downgrade and in the worst case scenario there is a market sell off and the markets crash and the whole world experiences the first ever global depression.
Which I think would be good....