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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: 2565
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.
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#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.
"Thats because your basically and idiot." 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.
"Thats because your basically and idiot." The pubbies are finally making a stand, now that they tanked the economy.
They will play politics with it, but behind the scenes the people who really run the show will explain to them that they're not going to sit by and watch the value of their US bonds drop so these clowns can make some points with the goobers.
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.
"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
No, the neo-lib dems have joined the neo-cons...borrow and spend, bailouts for fat cats, endless wars, open borders, outsource jobs, import crap. Profits for the military industrial complex have never been higher. Let the peasants eat CFL's!
Obama's watch stopped on 24 May 2008, but he's been too busy smoking crack to notice.
Badeye posted on 2011-04-29 10:30:22 ET
#2. To: go65 (#1)
#3. To: Skip Intro (#2)
The Congress will raise the debt ceiling, just like they did seven times under Bush.
Badeye posted on 2011-04-29 10:30:22 ET
#4. To: Skip Intro (#2)
The Congress will raise the debt ceiling, just like they did seven times under Bush.
#5. To: go65 (#3)
m not so sure, too many Republicans are all to happy to block any rise in the debt ceiling.
#6. To: go65 (#1)
#7. To: mininggold (#4)
The pubbies are finally making a stand, now that they tanked the economy.
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
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