For investors all over the world, US Government bonds are seen as the one sure thing. Your opinion of the government's promise to pay it's debt is not shared by most investors. Unless you're smarter than all of those investors and economists, I'd trust their opinion over yours on this matter. Even if you are, perception of the bonds is everything. Take away the one "sure bet" and many people stop investing altogether. If you think that's good for the economy, you don't understand the economy at all.The government is unsound. Therefore the promise to pay is unsound.
News flash: Obama didn't invent budget deficits. He hasn't exactly helped, but we're talking about the last 30 years or more that deficits have been out of control. That's under Reagan and both Bushes as well as Obama. In fact, the only President to sign anything close to a balanced budget in recent memory is Bill Clinton.Do you think the one term president Obama's childish policies might have some small role in this?