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.
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.
under the 14th amendment a debt ceiling (when obligations exceed revenues) is unconstitutional. Filthy Republicans again prove that they don't know or care about the constitution.
