Porforis
13 years ago
http://money.cnn.com/2011/06/30/news/economy/debt_ceiling_constitution/index.htm?source=cnn_bin&hpt=hp_bn3 

Is the debt ceiling unconstitutional?

NEW YORK (CNNMoney) -- Amid fears the United States risks default if lawmakers don't raise the debt ceiling on time, some are suggesting President Obama could save the day by big-footing Congress.

How? By invoking the Constitution and directing Treasury Secretary Tim Geithner to keep borrowing even if it means going past the statutory borrowing limit.

Really? They say default -- and by extension, the debt limit -- violates the 14th Amendment.

The amendment states: "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."
Debt ceiling: Just do it

The idea first gained currency when legal scholar Garrett Epps and fiscal expert Bruce Bartlett asserted that the president could invoke the 14th Amendment.

Epps, writing in the Atlantic magazine, noted the amendment's stark language. "It's not hard to argue that the Constitution places both payments on the debt and payments owed to groups like Social Security recipients ... above the vagaries of Congressional politics."

He concluded: "If Congress won't pay them, then the executive must."

Bartlett, in a Fiscal Times column, noted that much of the public debt is held by foreign investors, meaning a default would global ramifications. And he cited warnings from top officials that it's a threat to national security.

Invoking the 14th Amendment to prevent default "is no less justified than using American military power to protect against an armed invasion without a congressional declaration of war," Bartlett argued.

Even Geithner, at a Politico breakfast last month, whipped out a copy of the Constitution and read the 14th Amendment aloud. "This is the important thing -'shall not be questioned,' " he said.

The president himself has been silent on the issue, dodging the question when it was asked at a press conference on Wednesday.

Not everyone is convinced that the 14th Amendment would be the best rabbit to pull out of the hat if Congress fails to raise the debt ceiling in time.

For one thing, doing so could run counter to Congress' constitutional role.

Just because the Constitution directs the president to "safeguard the national debt" doesn't mean he can go "snatching the power of the purse" from Congress, wrote Michael Stern, who specializes in congressional legal issues, wrote in his blog PointofOrder.com.

And when it comes to national security, where the president has broad powers, "it is recognized that he must rely on Congress for funding," Stern added.

Then there's the issue of precedent.

"All administrations have acted and assumed the debt ceiling is a statute that has to be obeyed," said Jay Powell, a former Treasury undersecretary for finance under President George W. Bush who co-authored a report showing the negative fallout if Congress doesn't raise the ceiling.

As a practical matter, if the administration were to invoke the 14th Amendment, the markets could push the cost of borrowing higher as the move could spark a controversy, further dividing Capitol Hill.

Epps made clear in an email to CNNMoney that he's not recommending that the president treat the debt ceiling as something he can just disregard.

"I think ignoring the debt ceiling would and should be at most a last-minute thing, like a tourniquet on a wound, where the choice is between losing a leg and losing a life."



I usually don't get too excited when I hear questionable BS coming out of the mouths of those in Washington, but unless if I'm reading this wrong, they're suggesting that the executive branch has the power to fund pretty much anything, including wars, in defiance of the U.S. Congress. In light of the drama regarding Obama's lack of approval on Libya, this is particularly startling.

WTF?
Fan Shout
beast (5m) : That's what I told the Police officer about my speed when he pulled me over
packerfanoutwest (6h) : NFL told Bears that Packers’ blocked field goal was legal
packerfanoutwest (22h) : 49ers are underdogs at Packers, ending streak of 36 straight games as favorites
Zero2Cool (22-Nov) : 49ers might be down their QB, DL, TE and LT?
packerfanoutwest (22-Nov) : Jaire Alexander says he has a torn PCL
Zero2Cool (20-Nov) : Even with the context it's ... what?
Mucky Tundra (20-Nov) : Matt LaFleur without context: “I don’t wanna pat you on the butt and you poop in my hand.”
beast (20-Nov) : We brought in a former Packers OL coach to help evaluate OL as a scout
beast (20-Nov) : Jets have been pretty good at picking DL
Zero2Cool (20-Nov) : He landed good players thanks to high draft slot. He isn't good.
Zero2Cool (20-Nov) : He can shove his knowledge up his ass. He knows nothing.
beast (20-Nov) : More knowledge, just like bring in the Jets head coach
Zero2Cool (19-Nov) : What? Why? Huh?
beast (19-Nov) : I wonder if the Packers might to try to bring Douglas in through Milt Hendrickson/Ravens connections
Zero2Cool (19-Nov) : The Jets fired Joe Douglas, per sources
packerfanoutwest (19-Nov) : Jets are a mess......
Zero2Cool (19-Nov) : Pretty sure Jets fired their scouting staff and just pluck former Packers.
Zero2Cool (19-Nov) : Jets sign Anders Carlson to their 53.
Zero2Cool (19-Nov) : When you cycle the weeks, the total over remains for season. But you get your W/L for that selected week. Confusing.
packerfanoutwest (19-Nov) : the total and percentage are the same as the previous weeks
packerfanoutwest (19-Nov) : the total and percentage are the same as the previous weeks
packerfanoutwest (19-Nov) : the totals are accurate..nrvrtmind
Zero2Cool (19-Nov) : I don't follow what you are saying. The totals are not the same as last week.
packerfanoutwest (19-Nov) : ok so then wht are the totals the same as last week?
Zero2Cool (19-Nov) : NFL Pick'em is auto updated when NFL Scores tab is clicked
Martha Careful (19-Nov) : The offense was OK. Let's not forget the Bear defense is very very good.
packerfanoutwest (19-Nov) : Who updates the leaderboard on NFLPickem?
beast (19-Nov) : Has the Packers offense been worse since the former Jets coach joined the Packers?
Zero2Cool (19-Nov) : Offense gets his ass in gear, this could be good.
Zero2Cool (19-Nov) : Backup QB helped with three wins. Special Teams contributed to three wins.
bboystyle (18-Nov) : Lions played outside thats why. They scored 16 and 17 in the only 2 outside games this year
Zero2Cool (18-Nov) : The rest of the NFL is catching up to Packers ... kicking is an issue throughout league
packerfanoutwest (18-Nov) : Packers DL Kenny Clark: We knew 'we were going to block' Bears' game-winning field goal attempt
Zero2Cool (18-Nov) : Lions seem to be throttling everyone, but only (only) got 24 lol maybe the rain is why
Zero2Cool (18-Nov) : Packers vs Lions game doesn't seem so bad.
beast (18-Nov) : Dennis Green "They are what we thought they were, and we let them off the hook!"
Martha Careful (17-Nov) : comment of the day Z2Cool "Bears better than we want to admit. Packers worse than we think. It's facts."
Mucky Tundra (17-Nov) : my worst case scenario: Bears fix their oline and get a coach like Johnson from the Lions and his scheme
Zero2Cool (17-Nov) : Bears get OL fixed amd we might have a problem
buckeyepackfan (17-Nov) : Pretty sure they already have scouting reports on guys who aren't even starting for their college team. The future is now for me.
buckeyepackfan (17-Nov) : I tend to let Gute and Co. Worry about the future.
beast (17-Nov) : That's great news and Packers need to keep upgrading their OL, DL and DBs this off-season, so missing one guy doesn't kill them
beast (17-Nov) : That's great news and Packers need to keep upgrading their OL, DL and DBs this off-season, so missing one guy doesn't kill them
buckeyepackfan (17-Nov) : Jaire and Evans Williams are both ACTIVE! Good news.
Martha Careful (17-Nov) : The badgers really need to change the whole offensive scheme. No draws no screens plus the quarterback is marginal
Cheesey (17-Nov) : If the Badgers had a decent QB, they would have won. The guy can't hit a wide open receiver
Martha Careful (17-Nov) : chop block
Martha Careful (17-Nov) : there was a very questionable job Block call that upon viewing replay was very borderline
beast (17-Nov) : How so? (I didn't watch)
Zero2Cool (17-Nov) : Badgers got hosed vs Oregon
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