Complex sentence: The United States has never reached the point of default where Treasury was incapable of paying U.S. debt obligations, though it has been close on several occasions; except in the War of 1812 when parts of Washington D.C. including the Treasury were burned.
Split into simpler sentences: The United States has never reached the point of default where Treasury was incapable of paying U.S. debt obligations, though it has been close on several occasions. The only exception was during the War of 1812 when parts of Washington D.C. including the Treasury were burned.