The debt ceiling is plainly unconstitutional and a nuclear weapon in the hands of willful children. It's time to ignore it.
The debt ceiling, being wielded by the ignorant children of the House GOP, is the stupidest feature of federal fiscal policy.especially hard. The spectacle of Congress being unable to avoid the damage from a gun it placed at its own head led Standard & Poor’s to downgrade the credit rating of U.S. Treasury securities for the very first time.
Only once was that clause brought before the Supreme Court — in 1935, when the plaintiff was an investor demanding that the government redeem his Treasury bonds in gold, as had been promised when the bonds were issued. In the event, the court upheld the sanctity of federal debt by deeming the congressional resolution unconstitutional as it applied to Treasury securities. Inthat cited the 14th Amendment, Chief Justice Charles Evan Hughes rejected the notion that “the Congress can disregard the obligations of the government at its discretion, and that, when the government borrows money, the credit of the United States is an illusory pledge. We do not so read the Constitution.
President Clinton felt the same way. In 2011, when his successor, Barack Obama, was grappling with a recalcitrant GOP Congress over the issue, he said in an interview that if facing default, he would pay the government’s debts “without hesitation, andObama then expressed concern about the consequences of protracted litigation in such a case. Biden has raised the same doubt.
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