Looming Default

[tgo]

 

Personally, I think the best approach may be for Biden to cite the 14th Amendment and order the Treasury to ignore the Congressional debt ceiling and continue issuing debt to meet the appropriated obligations of the Treasury

 

14th Amendment Clause 4: “The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned,” the amendment’s Section Four reads

 

It doesn't sound like they are seriously considering minting the $1T platinum coin - but are seriously considering invoking the 14th Amendment to over-rule the Congressional debt ceiling law.

 

“Under Section Four, it is unconstitutional for Congress to default on debt that the United States has already incurred, and arguably unconstitutional for Congress to impose any ceiling on U.S. debt,” University of Toledo law professor Rebecca Zietlow writes in Jurist.

 

Tribe, though, has said he now thinks Biden “must tell Congress in no uncertain terms … that the United States will pay all its bills as they come due, even if the Treasury Department must borrow more than Congress has said it can,” thereby “ignoring one law in order to uphold every other.”

 

https://thehill.com/business/budget/3995905-how-the-14th-amendment-could-solve-the-debt-crisis/

Edited May 11, 2023 by tgo

[Come on Titans]

 

[IsntLifeFunny]

10 minutes ago, Come on Titans said:

 

Holy fuck the audience...goddamn rubes. Oh yeah, us defaulting is hilarious! The douchebag saying to your face he doesn't give a flying fuck about your or the country is excellent entertainment! 

 

My brain hurts. 

[ctm]

One of the issues is how you define debt.  It's obvious that T-bills and bonds are.  But what about salaries owed, social security, medicare, contract payments, etc?  That's where the grey area starts.

[ctm]

26 minutes ago, tgo said:

 

Personally, I think the best approach may be for Biden to cite the 14th Amendment and order the Treasury to ignore the Congressional debt ceiling and continue issuing debt to meet the appropriated obligations of the Treasury

 

14th Amendment Clause 4: “The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned,” the amendment’s Section Four reads

 

It doesn't sound like they are seriously considering minting the $1T platinum coin - but are seriously considering invoking the 14th Amendment to over-rule the Congressional debt ceiling law.

 

“Under Section Four, it is unconstitutional for Congress to default on debt that the United States has already incurred, and arguably unconstitutional for Congress to impose any ceiling on U.S. debt,” University of Toledo law professor Rebecca Zietlow writes in Jurist.

 

Tribe, though, has said he now thinks Biden “must tell Congress in no uncertain terms … that the United States will pay all its bills as they come due, even if the Treasury Department must borrow more than Congress has said it can,” thereby “ignoring one law in order to uphold every other.”

 

https://thehill.com/business/budget/3995905-how-the-14th-amendment-could-solve-the-debt-crisis/

Tribe has the best argument.  How is a president supposed to prioritize payments when Congress has authorized all of them?

[ctm]

Congress has sole constitutional authority to authorize spending.  Once it is authorized by Congress, a president has no authority to increase or decrease it. Doing so would violate the separation of powers.

 

So what is a president supposed to do when Congress authorities spending but funds aren't available to do so?  

[Starkiller]

I’d also just say the debt ceiling is unconstitutional and move on if the GOP won’t simply pass a clean debt ceiling hike.
 

Force the SCOTUS to bankrupt the country. Are their billionaire owners going to let them do that?

[IsntLifeFunny]

How crazy is it that McCarthy has a better chance of keeping his job by the US defaulting than he does by making a deal to keep the full faith and credit of the US in-tact? 

[ctm]

33 minutes ago, Starkiller said:

I’d also just say the debt ceiling is unconstitutional and move on if the GOP won’t simply pass a clean debt ceiling hike.
 

Force the SCOTUS to bankrupt the country. Are their billionaire owners going to let them do that?

The federal employees union has already sued Biden claiming the debt ceiling is unconstitutional and that if he were forced to stop borrowing then he would be forced to prioritize spending which is congress's sole authority.

[Starkiller]

17 minutes ago, ctm said:

The federal employees union has already sued Biden claiming the debt ceiling is unconstitutional and that if he were forced to stop borrowing then he would be forced to prioritize spending which is congress's sole authority.

If the admin simply refused to offer a defense then it might be a quick solution. But the courts could rule that they don’t have standing.

[Starkiller]

Also, a government shutdown seems all but inevitable whenever the current budget ends because I just can’t see both sides agreeing on a new budget. But at least that’s an appropriate time to negotiate budgetary concerns.
 

Trying to hold the country hostage over a debt ceiling is simply insane. And predictable for the modern GOP.

[ctm]

7 minutes ago, Starkiller said:

If the admin simply refused to offer a defense then it might be a quick solution. But the courts could rule that they don’t have standing.

Federal employees clearly have standing.  Any delay of their paycheck causes harm.

[Starkiller]

1 hour ago, ctm said:

Federal employees clearly have standing.  Any delay of their paycheck causes harm.

They may potentially be ruled to only have standing after a default or after there has been a delay as they haven’t been injured yet.

[OILERMAN]

9 hours ago, IsntLifeFunny said:

Holy fuck the audience...goddamn rubes.

 

They want the country to burn because they are losers

[ctm]

2 hours ago, OILERMAN said:

 

They want the country to burn because they are losers

....and it's always someone else's fault but theirs.