Oh, they are actively contemplating this, but it would be playing with economic fire... No one would purchase dubious treasuries given their legal uncertainty, interest rates would rise, and this would choke off any residual of a slow recovery.
Frankly, I hope they are stupid enough to try this.
There are other stunts they might pull which have me more concerned, but these all come with a sever economic price as well.
Please do it and seal the 2012 elections.