"A default caused by a lack of political will will certainly contribute to the deposition of the dollar," McDonald writes in an article for The National Interest.
According to him, Washington will also lose the ability to constantly print money in the form of treasury bonds and other securities.
He expressed the opinion that this situation will have a bad effect on the position of the United States in the world.
Earlier, US President Joe Biden said that he had reached a budget agreement with the Speaker of the House of Representatives of the US Congress, Republican Kevin McCarthy, which would avoid the country's default.
On May 25, it became known that the US national debt at the end of 2022 exceeded the Russian one by 107 times and was equal to the total debt of the governments of the 13 largest debtor countries.