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United States News
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Title: The 14th Amendment Solution
Source: The New Republic
URL Source: http://www.tnr.com/blog/jonathan-ch ... 47/the-14th-amendment-solution
Published: Jul 6, 2011
Author: Jonathan Chait
Post Date: 2011-07-06 14:32:28 by go65
Keywords: None
Views: 2867
Comments: 7

Jack Balkin has delved into the legislative history of the provision of the 14th Amendment requiring the federal government to honors all debts, which the Obama administration may invoke if Congress refuses to lift the debt ceiling. He has a fascinating follow up post replying to some objections. He's arguing that the prospect of a debt default ceiling is extermely similar to the precise scenario the prvovision was designed to stop.

Click for Full Text!

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Begin Trace Mode for Comment # 2.

#1. To: All (#0)

this whole debt ceiling debate appears to be much ado about nothing. Congress appropriated the spending for this year already. Thus, the treasury, under the 14th amendment, has authority to borrow whatever is necessary to secure the debt obligations of the United States.

go65  posted on  2011-07-06   14:34:02 ET  Reply   Untrace   Trace   Private Reply  


#2. To: go65 (#1)

The Congress will raise the debt ceiling, just like they did seven times under Bush.

Skip Intro  posted on  2011-07-06   14:46:31 ET  Reply   Untrace   Trace   Private Reply  


Replies to Comment # 2.

#3. To: Skip Intro (#2)

The Congress will raise the debt ceiling, just like they did seven times under Bush.

I'm not so sure, too many Republicans are all to happy to block any rise in the debt ceiling. I do think this could come down to Obama simply ordering the treasury to float debt under the 14th amendment. However this will raise the cost of borrowing due to uncertainty.

go65  posted on  2011-07-06 14:49:23 ET  Reply   Untrace   Trace   Private Reply  


#4. To: Skip Intro (#2)

The Congress will raise the debt ceiling, just like they did seven times under Bush.

The pubbies are finally making a stand, now that they tanked the economy.

mininggold  posted on  2011-07-06 14:51:11 ET  Reply   Untrace   Trace   Private Reply  


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