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Countries can not go bankrupt the way that individuals or businesses do. If the country's credit rating drops further, foreigners will be less eager to buy US bonds and interest rates will arise. The government will find it more expensive to increase the debt. Higher interest rates also drive up the cost of doing business and have bad effects on the general economy. Adjustments will have to be made at some point by government-- taxes must be increased and/or expenses must be cut. Both tend to weaken the economy and bring hard times for the people . Cuts in defense would weaken national defense with unknown results. Cuts in social programs tend to hurt the poorer and less privileged the most. Cuts in education

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I don't want to disillusion you but the US is bankrupt. Our nation's debt is nearly $16-trillion dollars and our annual deficits, in the foreseeable future, exceed $1-trillion per year.

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Q: What happens if the US goes bankrupt?
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