Pretty much every home-owning American family has done that. They have mortgages.
...and debt service / borrowing costs are too high
They are never too high when you can print money.
Excessive government spending and debt cause problems but the bankruptcy analogy doesn't work for the US government.
My boss from South Africa sat me down and had a talk with me about foolish American consumers and how to avoid being one.
Mark Levin has covered this issue many times (every time the Dems ignored the FACTS of the Constitutional Requirement they use to force extra expenditures to raise the “debt limit”). You don’t solve a credit card that is over the limit by raising the limit. You service the existing debt per the Priorities set in the Constitution. Period.
He starts with a current statement of the daily and monthly intake of US govt. revenue (all sources, banked in the US Govt. accounts). This is available from Govt. Accounting Office online and updated (something demonrats never look at).
1.) if it IS a “debt limit” then the debt has reached the LIMIT and should NOT be raised vs. revenues.
2.) The daily/monthly existing revenue intake of the federal government can MORE than cover a.) servicing the borrowed Federal Reserve loans b.) servicing any and ALL foreign credit debt owed and c.) cover fully the essential budgeted items for national defense, fixed social security trust fund repayments and d.) other deemed essential emergency items.
3.) Anything else which cannot be paid from existing current revenues will have to be adjusted to ADJUST the amount of debt incurred by Congressional bills for political soft soap and vote buying.
Mark Levin should be covering this again— thoroughly and pick out Schumers REPEATED Historical LIES on the subject.
MAKE THEM TOE THE LINE.
There can be NO default unless the Dems insist on raising the amount of money over what our revenues can cover. Which is to say what Schumer is doing is getting an idiotic irresponsible scum dem “electorate” to “vote themselves” money”
A quote attributed to Ben Franklin but actually from Scotsman Alexander Fraser Tytler (15 October 1747 – 5 January 1813) : “A democracy cannot exist as a permanent form of government. It can only exist until the majority discovers it can vote itself largess out of the public treasury. After that, the majority always votes for the candidate promising the most benefits with the result the democracy collapses because of the loose fiscal policy ensuing, always to be followed by a dictatorship, then a monarchy.”
The unwritten word in our Constitution “democracy” is being touted to flaunt the Articles they use to force recognition of the Debt, to include NEW spending not essential to running the Country. Period. Full Stop.