Hassett, Asked on Gundlach Debt Idea, Says Not in Million Years

White House National Economic Council Director Kevin Hassett suggested that investor Jeffrey Gundlach’s scenario for a type of restructuring of US Treasury securities would amount to a default, and rejected any such move.

“There’s not a chance in a million years that this administration would ever do anything that looks in any way like a debt default,” Hassett said in an interview with Bloomberg TV Friday when asked about Gundlach’s comments.

DoubleLine Capital’s Gundlach said in a Bloomberg TV interview Thursday that, while unlikely, the US may at some point opt to swap out bondholders’ higher-coupon Treasuries and replace ...