When a debt crisis occurs, there is only one good option and many bad ones. The good option is the debt holders realize they need to compromise and are willing to forgive part of the debt for proper governance. ie. forgive part of the debt as long as the US adheres to a strict budget which involves raising taxes and cutting services. And no more giving out tax breaks and tax holidays as if they were free.

All the other options are infinitely worse. The problem is that such a deal is political suicide. MAGA will run on repealing the deal like they ran on dismantling Obama care. They are the party of financial self immolation.

Such a deal is basically not possible. See the Argentina "pari passu" fiasco. Because US T-bills are everywhere. They are, to use a Claude-ism, load bearing for the world economy.

There is no "adults outside the room" who can intervene to fix the situation. Either Americans sort things out among themselves, or they will end up with the traditional Latin American solution to a debt crisis: hyperinflation. Which some of the right have been salivating about ever since FDR.