For most people, "ourselves" implies the lender and holder are the same, and directly leads to the idea that it is forgivable without someone left holding the bag.
The US federal government absolutely has the ability to forgive, restructure, or write off debt in its capacity as lender. It has frequently done so.
Where do you see limitations on seeking default or forgiveness in its capacity as borrower?
The US did a pseudo default when it left the gold standard and paid gold denominated debts with paper worth significantly less, telling lenders to put their complaints were the sun doesnt shine.
