[credit provider=”Joe Weisenthal”]
We noted this tidbit earlier, but wanted to highlight it.In a research note from Citi on how the Treasury would deal with a debt ceiling impasse, it tantalizingly notes another possibility to default:
Illegally Break Through the Debt Ceiling: The Treasury could ignore the debt ceiling and issue more bonds to pay off bills. This would be against the law and, according to the GAO, the Treasury has never issued debt that exceeded the ceiling since at least July of 1954.2
It’s pretty hard to fathom the economic and financial neverneverland we’d findourselves in at this point. It would make for a great news period though.