However, the US still gets to print money and hand it to the rest of the world in return for real world goods and services.
“We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.”
-- Alan Greenspan, appearing before the Senate Banking Committee on February 15, 2005, in response to Democratic Senator Jack Reed of Rhode Island on the topic of funding Social Security.
Translation, we can print print print and repay the debt in full, however, you may not be able to purchase anything with it. The inflationary aspect of this can be used to counterbalance the incredible debt deflation we are likely to witness shortly.
Until global trade is denominated in another currency unit they can bail out their industry. The rest of the world, not so much unless they can create US dollar credits.