The U.S. owes China approximately $2 trillion.
It is unlikely that the payment of China's debts to U.S. bondholders to be a sufficient cause for the United States to have the ability, through funds, to create jobs, reduce debt, and reverse the recession.
On top of the unconvincing likelihood for sufficient economic stimulation, the U.S.A. owes China a larger amount of money. Politically, as well as in the long run, it would not bode well for the U.S.A. to aggressively collect a smaller amount of money from a country in which it owes significantly more to.