Thursday, July 28, 2011

[news] You can avoid a catastrophe of the Constitution of the debt ceiling?

What role has the Constitution in the persistent argument to raise the debt ceiling? No Republican is the impetus for a constitutional amendment requiring a balanced budget (which I will address in a later post) and the democratic argument, now abandoned, that the Fourteenth Amendment makes it unnecessary for the president to obtain congressional approval to raise the debt ceiling because, as section four of the amendment reads: "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 insurrection or rebellion can not be questioned. "

The Democratic position created one of the most theatrical of the debate in months when, at a breakfast attended by dozens of political journalists in early summer, the Treasury secretary, Timothy Geithner, waved a copy of the Constitution and asked, rhetorically, Republican opponents of the president: "Have you read the Fourteenth Amendment?"

The statement surprised many in the audience as it was thought that any attempt to shut Congress out of the process would be politically disastrous, and indeed, even though former President Bill Clinton chiming in to support the position this past Friday Obama took off the table. "I talked to my lawyers," said Obama, the reasoning of the Fourteenth Amendment. "They are not convinced that this is a winning argument."

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