What are the chances of the US defaulting on its debts, due to the law that limits borrowing failing to be modified? The Sovereign Credit-Default Swaps market puts long odds on it, but I'm not so sure. We've seen how the Minnesota government was shut down (still is at this writing). The political parties have never been more at loggerheads.
What's a regular investor to do? Sell our treasury funds? Buy gold? Buy a put option on treasuries? A big enough bet to make a difference would cost money if it doesn't happen. I'm not sure myself what to do and welcome comments on this topic.
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