Goldman Sachs Defines The Word 'Default'

With less than two weeks to go until the Debt Ceiling is breached, there's a lot of talk about the risk of a U.S. "default" and what happens if the U.S. does default. Unfortunately, there's a lot of sloppiness about the meaning of this word, default. In a note examining the debt ceiling, Goldman Sachs provides a service talking about some meanings of the word, and how it's used. The term “default” has been used to mean a number of different things in the context of the debt limit. The media ...