Opinion: The only solution to the debt limit crisis

(CNN) — While consensus is building that the US defaulting on its debt or missing another payment could trigger severe consequences, many are soothing their worries by championing workarounds. These include invoking the 14th Amendment, which some argue requires Treasury to increase borrowing in order to pay obligations, and issuing a new kind of Treasury bond that only pays interest, and so technically would not add to the total stock of federal debt.

While use of unprecedented workarounds could indeed allow Treasury to continue to spend, such actions would not be without legal uncertainty and would not prevent immediate chaos or damage to the economy.