The amount of debt, both on the books (~$36T US federal debt alone) and off books (~$9T for US infra refresh alone, climate, etc) is near $100T, if not more. Everyone's equity would be wiped out if we had to pay up. "Extend and pretend."
Financial Times: Why governments are 'addicted' to debt - https://www.youtube.com/watch?v=n1jhoU9Mp_U