A foundation led by David Walker, a former comptroller who’s been brought up in similar topics before, says so.
Of course, this particular link is light on details, but it’s the best cite I have right now. Is this particular alarm bell accurate? What about these? How likely is the content of any of these dire warnings/assertions?
As stated before on this board, the whole concept of bankruptcy is silly when applied to a whole country. How would you divide up the assets of nation and distribute them to the people holding its debt?
The closest parallel to bankruptcy a nation can experience is to default on its debt. I don’t think anyone expects America to default on any of its debt due to the present crisis. America has never defaulted on any of its debt.
And now that T-Bills are selling at negative interest, it could be said that we are actually making money on our debt.
It is? So what do you call uit when a country defaults on its debts because it does not have the ability to honor them?
I call it “default”.
When a private entity defaults, the creditors can take it to bankruptcy court and force it into bankruptcy. There’s no equivalent process for a sovereign nation. There hasn’t been since the Nineteenth Century, when western creditors would seize the customs-houses and treasuries of developing nations. This doesn’t happen today.
However, the United States isn’t close to default. Interest rates are low, and creditors continue to lend us money in our own currency. In extremis, we would inflate our currency rather than default. If investors believe we are likely to do this; they’ll first demand higher interest rates, and finally insist that T-bonds be denominated in euros, pounds, or yen. Neither has happened yet.
I think the word you are looking for is “insolvent,” i.e. unable to pay one’s debts as they come due.
But anyway, I’m a bit skeptical of the analysis contained in the article you linked to. Even ignoring the fact that the United States government has the ability to raise revenue through taxation and can also print money, having debts which exceed one’s assets doesn’t necessarily make a person insolvent or bankrupt.
Also, Grover Norquist is not masturbating happily in his front yard.
Newfoundland nearly went bankrupt in the 30s and was forced to revert to being a British colony as a bailout condition. Somehow I doubt that would for the United States.
“Hey guys, sorry about that Declaration of Independence thing, we didn’t really mean it…” 
Valete,
Vox Imperatoris
Is it possible for the United States to sell a State or a territory to raise revenue? 
I wonder the value of Iowa or Alaska really is.
Hey, it worked for Napoleon!
Britain quite recently seized some Icelandic assets citing some absurd terrorism charge.
Well Russia has been talking about getting Alaska back. Saying you only leased it for 99 years. Although I don’t think they have that much money to throw around anymore either. Neither has China for that matter. Or Japan. Or Europe or Saudi Arabia. Which makes me wonder who you guys think are actually going to finance your gigantic deficit in the coming years. A deficit only looking to increase the next many of years. Who are going to be buying all that debt?
Yes. You shouldna landed on that hotel.
Meh. We can always quit; no one ever finishes that game.
Valete,
Vox Imperatoris
OT, but no. The laws used cover terrorism (The Anti-terrorism, Crime and Security Act) yes, but it was not a terrorism charge. That was Icelandic propaganda.
It was still ridiculous protectionism.
Valete,
Vox Imperatoris
Sure China could probably force the US into bankruptcy but then what? China still needs us more than we need them. If I were China I wouldn’t like the prospect of 50 million people rising up in protest for the loss of their jobs.
How could they do that? They bought bonds that have set payment schedules and they can’t change that.
Not buying new bonds would have the same result.
Defaul only means not paying in time, for whatever reason. If country A refuses to repay a loan to country B for political reasons that would default but not bakruptcy.
The common definition of bankruptcy is the inability to pay one’s debts. Not the unwillingness but the inability. A country unable to pay its debts is correctly said to be “bankrupt”.
Notice also that a person, corporation or country can be bankrupt even before defaulting.