I will suggest that if you’re worried about the federal government not paying out on their short term debt instruments you should also be worried about them not paying out on deposit insurance. Whether through evil, incompetence, or lack of funds to do so in the volume required.
Maybe not equally worried. But still some worried for both scenarios.
I certainly agree w your larger point that the current political situation in the USA is unprecedented and has the potential to destroy our financial system and enormous amounts of nearly everyone’s paper wealth. As has been discussed over here in depth for almost a year now.