I think what's important to understand is if the United States hits the debt ceiling and is unable to pay its debts, the consequences will be immediate and dramatic.
All that seems indispensible in stating the account between the dead and the living, is to see that the debts against the latter do not exceed the advances made by the former.
Is there any reason why the American people should be taxed to guarantee the debts of banks, any more than they should be taxed to guarantee the debts of other institutions, including merchants, the industries, and the mills of the country?