We could become Haiti overnight... they can't 'borrow their way out of debt' and we won't be able to either.
If interest double, our debt will equal our military budget. If it triples, it will equal our social security budget.
I saw someplace that if it doubles, then the interest on the debt will equal all income tax collections in 20 years if we continue each year borrowing a third+ of the budget.
Interest on our current debt consumes a large slice of our FY budgets, but if interests rates were to increase just a few percentage points it would dwarf part of our disrectionary spending. In a collapse, the “automatic” spending on entitlements would shut down, perhaps until there was a global “reset”, which seems the way we are headed.