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View Diary: Why The Debt Limit Fight Will Be A Political Face-Off With No Gimmicks Or Constitutional Crisis (208 comments)

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  •  note the bold (0+ / 0-)
    31 USC 3101(b) The face amount of obligations issued under this chapter and the face amount of obligations whose principal and interest are guaranteed by the United States Government (except guaranteed obligations held by the Secretary of the Treasury) may not be more than $14,294,000,000,000, outstanding at one time, . . . .
    The Social Security Trust Fund obligations could be stored in the office of The Secretary of the Treasury.

    There is also the possibility of issuing unguaranteed debt.

    The banks that would like to have guaranteed debt could store the otherwise unguaranteed US government debt in his office.

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