To add a point to some of the other posts here. The oligarchy cannot afford to allow a default. It would drastically impact their power. People like to say that if the US falls the rich will just jump ship but the problem is, they are running out of places to jump too and any place left will have less of a military to defend them thanks in part to US imperialism. The US empire will cannibalize it’s vassals first, which we are already seeing. Where will the rich run to after that? As China grows in strength more nations join their influence. So with growing communism on one side, a decaying empire on the other, their only play is to retreat to the center and/or try to make one last break for dominance by taking down China. If/when they fail at taking out China their last efforts will be controlling the ever crumbling US via fascism. The US is their last refuge in light of growing global communism. It may be decades off yes, but as it grows their safe havens will shrink more and more. Private islands, tax havens, etc., are only safe if you have a big brother military to defend them for you.