A threat of war, sure. But you don't declare war like that clip of "declaring" bankruptcy. Even with all the wars the US has started, the last one declared was in 1942. Until Congress formally declares war, or troops start to move in, it's still just a threat.
That said, it is a threat that everyone should take very seriously.
Let's rename it to "Accounts Receivable" and really run this country like a business.