I don't know if the federal debt can be repudiated as some have proposed, and what would be the consequences of doing so.
Such a simple statement (and specifically NOT in the sense of simple-minded) seems to warrant discussion in a thread of its own. (and if this is not the appropriate sub-forum, please move it)
At first glance, it seems that repudiating The Debt would take -- at most -- an act of Congress, but might even fall completely within the scope of the Executive Branch.
If the former, it would be a long, painful process as the legislation wends its way through both houses and various committees. In the meanwhile, the entire financial structure of the world would be undergoing convulsions beyond imagination AND the US Dollar (having lost the full faith and credence ...) will be trading at a heavy discount against Ugandan currency.
Whatever. The question is what happens AFTER the debt is repudiated, not while it is being done.
For the sake of argum<<<<< discussion, let's include ALL the debt: T Notes, T Bills, Savings Bonds, various trust funds, the IOUs outstanding to Social Security, etc
Ladies and gentlemen and Harvester; the floor is open.