U. S. sovereign debt ready for junk bond category

In the absence of such a "Marshall Plan" the
paper discusses several methods by which the U.S.
might default on its debts. That the largest
private manager of U.S. government bonds would
even contemplate default is significant in and of
itself; but that it could actually advocate it as
policy, however, should be shocking. This raises
the obvious question of what credit rating PIMCO
believes U.S. government debt actually deserves?
A triple A rating basically implies a zero
probability of default. Since this paper argues
that default is all but inevitable, it would
imply that not only should U.S. sovereign debt
not be AAA rated, but that it should fall into
the category of junk.

I've said it here before. US debt for $.xx on the
dollar anyone?

And what of USD Cash Funds? I wonder how much they
hold in US government debt.

The whole tale of woe.

Thanks to L. R. White for this.