Hasset responds to "New King of Debt" Gundlach's debt restructuring proposal: It's impossible to happen in a million years.

White House National Economic Council Director Hassett suggested that any form of restructuring of US Treasury bonds envisioned by investor Gundlach would be equivalent to default and rejected any such action. "Even if it were a million years, this administration could never do anything that looks like a debt default," Hassett responded to Gundlach's comments. Gundlach of DoubleLine Capital said on Thursday that while the possibility is low, the US may at some point in the future choose to exchange high-interest government bonds with lower-interest bonds across the entire yield curve. He also stated that he has adjusted his investment portfolio to guard against such actions.