In addition to what you said, we are still deficit spending. We can't start filling in the hole till we stop digging.

One concern is what the world market reaction will be to direct monetization? To date there at least has been plausable deniability of monetization by claiming the obligations would eventually be paid back. Default means it was monetized. Direct monetary inflation.

Of course anyone without his head up his butt already knows it is being monetized. But at default all claims otherwise go out the window.