The Debt Ceiling has gone from pass along/get along to Dr. Strangeloves doomsday fantasy. But why allow the fantasy to continue? Once they weaponized the Debt Ceiling, they ran up against the 14th amendment. What once seemed radical, now actually looks like a rational way to defuse the matter -- for once and for all. Fourteenth Amendment, Section 4. The validity of the public debt of the United States, authorized by law ... shall not be questioned. See opinion of the Supreme Court in Perry v. United States (1935): 5. By virtue of the power to borrow money on the credit of the United States, Congress is authorized to pledge that credit as assurance of payment as stipulated -- as the highest assurance the Government can give -- its plighted faith. To say that Congress may withdraw or ignore that pledge is to assume that the Constitution contemplates a vain promise, a pledge having no other sanction than the pleasure and convenience of the pledgor. 6. When the United States, with constitutional authority, makes contracts, it has rights and incurs responsibilities similar to those of individuals who are parties to such instruments. 9. The power given Congress to borrow money on the credit of the United States is unqualified and vital to the Government, and the binding quality of the promise of the United States is of the essence of the credit pledged. https://supreme.justia/cases/federal/us/294/330/case.html”
Posted on: Tue, 15 Oct 2013 03:31:37 +0000
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