Wall Street is preparing itself on how to handle U.S. Treasuries that will be effected by missed payments in the United States defaults on its debts later this month. The Securities Industry and Financial Markets Association, has come up with plans that allow trading platforms to process deals involving the defaulted U.S. Treasuries if needed. The SIFMA is a trade group that represents securities firms, banks and equity managers. SIFMA Managing Director Rob Toomey said on Friday, "Protocols are being put into place". Congress and the White House's inability to reach a deal to raise the country's $16.7 trillion cap on government borrowing is what is holding everything up.