Thus, during the era of commodity money in England, lenders were willing to float bonds (consols) without any redemption dates, and interest rates remained relatively low and stable.

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Although U.S. Corrugated, a paper and pulp company, is not a household name, and a complicated stand alone investment, a lot of corporate bonds that are called or an event to create an early redemption such as a mergers and acquisitions occur regularly.

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And when the Treasury does, total government debt subject to the debt limit falls by the amount of the redemption thus freeing up the Treasury's ability to issue new bonds equal in amount to the redeemed Trust Fund bonds.

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