Article

2011-06-26 Economy

TNR: The Debt Ceiling: Why Obama Should Just Ignore It

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Posted by Matt 2011-06-26 12:06|| || Front Page|| [6 views ] Top

#1 Hello Matt.

:)

As usual, yes. All that and a traveler.

Posted by S 2011-06-26 16:43|| 2011-06-26 16:43|| Front Page Top

#2 Hey, Mr. S. Welcome back.

Posted by Matt 2011-06-26 17:59|| 2011-06-26 17:59|| Front Page Top

#3 The government most certainly can default.

Section Four of the Fourteenth Amendment says, "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."

What that means is that 1) the debt Congress authorizes is valid 2) the President can't authorize debt and 3) debt, once created, has to be serviced (notice that the Amendment doesn't give Congress the right to stiff anyone).

So Congress certainly could default.

Posted by Steve White 2011-06-26 19:40|| 2011-06-26 19:40|| Front Page Top

#4 You mean new bond/notes/bills could be issued to pay for accumulating interest on existing debt, but NOT to cover any new spending?

Including interest for the "trust funds" there is way too much wiggle room for back door shenanigans. Around $500 Billion/year?

This should guarantee 100% voter turnout.

Posted by My two cents 2011-06-26 20:54|| 2011-06-26 20:54|| Front Page Top

#5 They're advising the president to ignore the Constitution and the first thing they think is "would anyone have standing to sue"?!

These idiots have been fellating the trial lawyers for too long. It's not an issue of being sued. It's an issue of being impeached or forcibly ejected.

Posted by Rob Crawford 2011-06-26 21:36|| 2011-06-26 21:36|| Front Page Top

#6 What odds President Obama would be able to talk the Secretary of the Treasury and the directors of the Fed into going along with such shenanigans? None of those august personages are sworn to obey all orders from the chief executive, even those which endanger the Republic. The New Republic writer and his experts ignore the fact that the chief executive of a free society does not have the powers of dictators and tyrants.

I would suggest that merely trying to do such an end-run would be enough to guarantee that Mr. Obama doesn't get reelected -- he hasn't many Independents left, after all.

Posted by trailing wife 2011-06-26 21:44|| 2011-06-26 21:44|| Front Page Top

#7 "More frightenly likely each day" > given now ...

* DEFENCE.PK/FORUMS > US POLITICIANS DEMAND TO KNOW IFF THERE IS ANY GOLD LEFT IN FORT KNOX [+ other US Gold Depositories] | RON PAUL CHAIRS CONGRESSIONAL INVESTIGATION ON US GOLD RESERVES.

US#14.0Trilyuhn-n-rising US Debt

versus

US$300.0Bilyuhn of potentially MISSING? US Gold???

Posted by JosephMendiola 2011-06-26 21:57|| 2011-06-26 21:57|| Front Page Top

23:37 JosephMendiola
22:50 Dale
22:44 JosephMendiola
22:43 JosephMendiola
22:26 JosephMendiola
21:57 JosephMendiola
21:54 Zhang Fei
21:51 JosephMendiola
21:44 trailing wife
21:43 Barbara
21:36 Rob Crawford
21:34 phil_b
21:24 JosephMendiola
20:54 My two cents
19:56 JosephMendiola
19:40 Steve White
19:36 JosephMendiola
19:30 American Delight
19:17 JosephMendiola
19:14 JosephMendiola
19:13 Dale
18:44 USN,Ret.
17:59 Matt
17:26 phil_b