Debt Ceiling Reality Sends Stocks Plunging

from Zero Hedge;

Market Takes Leg Lower As Treasury Supports Use Of "McConnell Provision" For Debt Ceiling

As the Fiscal Cliff discussions get progressively more acrimonious, more people are being reminded that the debt ceiling, which the US will breached in a few days, is just as important, and just as much at an impasse. Which is why the Treasury just opined on the issue, by openly supporting the "McConnell Provision" and in doing so may have made any future Cliff/Ceiling discussions more difficult as the US has effectively invoked the nuclear option, aka a Presidential Veto to effectively elimiante the debt ceiling, something which will antagonize the GOP to such an extent any potential Fiscal Cliff deal may become unfeasible. The market is hardly happy that the already record polarity in Congress is about to get even worse as a result of this hardline stance, and just took another big leg lower.