No Compromise of 1790?

I’m curious- what possibility was there of the Compromise of 1790 (Federal assumption of state debt in exchange for the southern capital) failing or not occurring? What impact would that have had on the future United States? How would states be able to handle their debts? How much would it weaken the Federal government?
The Compromise of 1790 was the result of three main founding fathers, Thomas Jefferson, Alexander Hamilton, and James Madison, being able to put aside their differences and work together. It can easily be seen that these three men do not do this, possibly as a result of the political mud-slinging that really started to heat up in the next few years starting to occur earlier. If this was to happen, Hamilton's bill of assumption would not pass, as Madison controlled enough votes to kill it in congress, which would result in a major blow to federalism, both in the sense of the government type and the future political party. As to its impact on America, it probably would keep America in the debt pool longer than in OTL, which saw such capable treasury secretaries as Hamilton and Gallatin guide the country through and out of it. What impact this would have on the country depends mainly on how the European nations who loaned America this money would react, perhaps seizing U.S. ships even more as a form of paying off the debt?