Forbes updated the current corporate debt in the market recently.
Total corporate debt is actually much higher. Adding the debt of small medium sized enterprises, family businesses, and other business which are not listed in stock exchanges ads another $5.5 trillion. In other words, total US corporate debt is $15.5 trillion, 74% of US GDP.
At least it is not 100% of GDP. Leave that to the governments to leverage above 100%. Take Government Debt @ $22T and Corporate @ $15.5T, we are at 193% of GDP. Who will win that fight government or private industry.
Government has the assets to pay down if necessary. Unfortunately, most of the corporate doesn't have the assets to back it up so I think Corporate debt will loose. Start making your list of assets that could be picked up for fractions of pennies.
The ultimate game of chicken.