This provision would prioritize spending on debt service and Social Security to give them both first-call on revenues in the event the debt limit is reached.

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To limit risk in the event of an unexpected post-earnings pop, investors could pair the bought 50-strike put with a sold July 42.50 put, resulting in a bear put spread.

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Following the collapse of a third of all American banks in 1930-33, the government set up an insurance scheme under which it guaranteed to repay depositors, up to a certain limit, in the event of bank failure.

ECONOMIST: The business of banking | The

They declined to adopt a German plan for immediate recognition of Croatia and neighboring Slovenia on the grounds that it would (inexplicably) "limit" their options in the event Serbia begins a large-scale assault on the breakaway republics.

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Although the Fed is trying to limit the surprise of an end to its bond-buying program, there is a more likely event that officials will have to increase it to support a weakening economy, Nichols added.

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"Protracted debate prior to increasing the debt ceiling is not an exceptional event, but against the backdrop of unprecedentedly large peacetime budget deficits and outstanding debt, any delay in raising the limit would pose ever-increasing risks to the ability of the federal government to honour its obligations in a timely fashion, " Fitch said in a statement.

BBC: Triple A letters