@ctrl @SteveRoth it ends any uncertainty. consols are legal, we’ve issued them before. the debt ceiling computation is specific, it only applies to face value. 1/

@ctrl @SteveRoth over a short term, there’s risk that the Supreme Court disregards all that and adopts a kind of nonconstitutional debt-ceiling primacy doctrine to invalidate them. someone will undoubtedly try to claim standing to sue. but then the Court will face the prospect of using tortured logic to force a US default on already marketed instruments or not. 2/

@ctrl @SteveRoth Once it does not, whether by punting on standing or acknowledging the plain language of statute, these just become another US Treasury product, but one that means the debt ceiling can’t be used extortionately anymore, the worst it can do is constrain the product mix Treasury issues a bit. /fin