The Government will not default on it debt. That is a falsehood. The payments on the debt and interest are a part of the spending, a part smaller than the revenue. The failure to raise the debt limit means that the government won't be able to borrow more. It will continue to be able to pay it's debts and "obligations" but will not be able to continue with profligate spending.
I do agree that it is a psuedo-event. It is manufactured to sucker the sheeple into deeper and deeper dependency and loss of Liberty.