In understanding the current debt 'crises' one needs to understand that it's all a show. A manufactured crises to enable both sides to push for radical changes that they otherwise didn't believe they could get through.
As FactCheck explains the debt ceiling has been regularly raised 78 times since the 1960s and in fact we have been close to default at least 3 times during the Clinton and George W. Bush presidencies. So there truly is nothing new here.
That doesn't mean, btw, that insanity on both sides couldn't actually result in a default. But if it does it's important to understand that we would be destroying our economy as a result of a manufactured crises that both sides decided to create in order to push their own agendas.