Old-fashioned bankers, the type who thought it was a good idea to lend money, rather than find ways to say "no", liked to talk of the "Three Cs of Credit": cashflow, collateral and character.
Cashflow -- does the borrower have sufficient income to meet existing needs and pay this loan back?
Collateral -- if it comes to the worst, does the borrower have other assets that can be liquidated to repay the loan?
Character -- most important of all, is the borrower telling the truth, and can he be expected to do everything possible to repay the loan on the agreed terms?
If we apply the Three Cs to the current US debt ceiling debate, what do we find?
Cashflow -- not an issue. The United States remains the world's richest economy.
Collateral -- again, not an issue. The US is rich in resources.
So if there's a default, it will be a result of a failure of character. The US can well afford to repay its creditors, but for whatever reason will have decided not to do so. You can only destroy your own reputation: nobody else can do it without your co-operation. Once you've done that, good luck trying to get it back.
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