Greece is the canary in the coal mine. I have not looked at these circumstances for a while-- so I am likely close on the facts but maybe not perfect. (correct me if you wish.)
The politicians there amassed a huge debt, kept spending, and used the age-old tactics of blaming their predecessors. Kept spending and spending.
Then it got really bad, huge debt, then ugly, and the entire economy almost imploded. The Greek politicians kept spending and blaming the predecessors. I believe it was the IMF that rushed in and acted as a financial backstop to prevent the implosion. And imposed austerity measures the Greek people very much disliked.
My take is the Greek politicians and American politicians are quite alike as humans, people, and political animals. So I presume if "their" politicians kept spending like drunken sailors, even in an extreme crisis, "ours" will do the same.
Except there is no IMF or entity large enough to act as a backstop for us.
www.bbc.com
