the simple fact is that money is based on pure faith - nothing less, nothing more. This happened when we stopped backing money with anything but our word. This is what makes paying it back so necessary. If we don't then our word is worth less than nothing and NOBODY will do business with us.
forgiving debt is a thing that has been done for a very long time but a long time ago (often a religious thing). Our problem is that we can't forgive it - the rest of the world has to forgive us! (REALLY unlikely)
Oh, the only way the resulting debt is going to be dealt with is by raising taxes. Given how congress is 'help' those out of work, etc. its unlikely that said tax raise will be on the very rich so much as those who are already in personal debt up to their eyebrows. This is, incidentally, how the Democrats got painted with the tax and spend thing - basically, by fixing national finances after the Republicans have wrecked them. Won't be any difference next time the Dems take power. My fond hope is that, this time, they will point their fingers at the Republicans everytime they have a chance and never let up. I am sick and tired of them, and their continuous testing of their financial theories, which ALWAYS fail!