- Defaulting is unthinkable, but the “workarounds” to avoid default bring their own dangers
MOST GAMES of chicken do not have trillion-dollar stakes. But such a spectacle is common in America when Republicans in Congress face off with a Democratic president over the debt ceiling. This legal limit on the amount of debt held by the Treasury is periodically raised—but never by enough to avoid a repeated stalemate. Without a bipartisan political deal to raise the ceiling America would be in uncharted and dangerous territory, bumbling into pointless default.