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How Credible are Rules Requiring Sovereign States to Give Super-Priority to the Public Debt?

How Credible are Rules Requiring Sovereign States to Give Super-Priority to the Public Debt?

Some years ago, when the US was about to hit its legally-prescribed debt ceiling and potentially default, a group of legislators had an idea. They proposed that if the government hit the debt limit, it would be required to pay holders of the public debt before other claimants […]. The ostensible goal was to ensure that the public debt markets did not panic every time the US neared its debt ceiling. Although the proposal was not enacted, similar rules have been adopted elsewhere.[…]