Treasury's technical skills might not pay US bills

In the event that the US hits the debt ceiling, markets are confident that Treasury will prioritise payments, despite the serious technical and legal challenges associated with such a plan.

Financial markets must be confident that the US will not default on its sovereign debt, otherwise those markets would have plummeted by now. But is that confidence justified?

Market participants are comforted by two ways of avoiding the calamity of a US sovereign default.


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