No. of Recommendations: 10
With all due respect Mungo, you’re technically correct.
The U.S. Treasury did experience delays paying maturing T-bills. In 1979 Congress faced a situation where it had not raised the debt ceiling in time. This limited the Treasury's ability to borrow funds.
Result: There were three occasions in late April and early May of 1979, where T-bills were paid late. These delays, while ultimately resolved, were considered a form of "mini-default" or temporary default.
Just a humble creeper,
PaulnKC
