It would, however, be risky politically.

And the country could still be hurt financially. Invoking the 14th Amendment could spark a constitutional showdown -- not exactly an affirming message to send markets already questioning Washington's ability to govern.

What about a $1 trillion platinum coin? Another instant-presto fix that some experts believe could be used to avert default is the creation of a $1 trillion platinum coin. Then again other experts think the idea is legally questionable and in any case not a bright move.

The idea goes like this: Treasury is not allowed to print money. But because of a legal loophole it is allowed to mint platinum coins. If it opts to mint a $1 trillion coin, it could deposit it at the Federal Reserve and thereby keep paying the country's bills even though the debt ceiling hasn't been raised yet.

"Minting a $1 trillion coin sounds like the plot of a Simpsons episode or an Austin Powers sequel. It lacks dignity," writes Donald Marron, a former Congressional Budget Office director, in an opinion piece.

But, he adds, the platinum-coin option might be better than the alternatives if political intransigence really does put the country at risk of default.