The US Government has a simple way to find domestic buyers: Raise the yield.

I currently have to buy crappy BBB- munis to get anything close to a decent fixed income yield. If I could get 6.5% for a long bond, I'd be buying a bunch.

(YTM on 2043's 3.858% per Schwab today)

What will happen if China stops buying Treasuries? The dollar will depreciate, and US exports will rise, and imports will fall. Who will this hurt?