Will US Default on its Debt?

I have just received the current issue of Econ Journal Watch, which is a Symposium on the US Sovereign Debt Crisis.  Click here to see this issue of EJW.  Tyler Cowen, in his introductory remarks, suggests that the US will experience a debt crisis within the next one or two decades.  The US federal government is currently borrowing 40 cents of every dollar its spends - is this really sustainable in the long run?  I don't think we will see a total default by the US, but a partial one, with the Fed attempting to raise the inflation rate.

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