Debt can either be paid or defaulted. The debt is at a level now that can not be serviced. Therefore, it will be defaulted. So, neither will get paid.
There is no debt. No one is owed anything. It is welfare. It is taken from me and given to you (if you are retired). If I could get enough votes I could pass a law tomorrow and stop paying you tomorrow. If you could get enough votes you could pass a law and double your benefits.
Let me repeat myself...it is WELFARE.