Dems are discussing whether WH can ignore the debt ceiling

Discussion in 'Politics' started by Trajan, Jul 4, 2011.

  1. Trajan
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    Trajan conscientia mille testes

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    interesting. its only a discussion mind you, they are exploring all avenues open to them as options. there is nothing wrong with that.

    I am just wondering where/how Obama would find the justification after the congress has in the past raised the debt. limit what, 70 times? Surely he cannot be the first exec. to face such a dilemma?

    If he, well, his lawyers find what they thought was a way to do so, how would that go down in the public's eyes without an accompanying bill addressing the deficit and all its drivers; DOD, Medicare, Medicaid etc....?

    Is this a leak they provided on purpose so as to scare the herd of Reps. into making a deal on Democratic terms?


    Finally; if he can, should he?


    Schumer confirms White House considering ignoring debt limit
    Conn Carroll | Senior Editorial Writer Follow Him @conncarroll | 07/01/11 2:42 PM


    This morning we speculated that Treasury Secretary Tim Geithner was seriously considering just ignoring the statutory debt limit by claiming it was superseded by section Four of the 14th amendment. Sen. Chuck Schumer, D-N.Y., confirmed that that course of action has been considered by the White House. Talking Points Memo‘s Brian Beutler reports on a conference call with Schumer today:

    I asked Schumer, a lawyer, whether, in his view, the administration had the power to continue issuing new debt even if Congress fails to raise the debt limit. He acknowledged that the question’s been discussed, but said the White House probably shouldn’t go there just yet.


    Read more at the Washington Examiner: Schumer confirms White House considering ignoring debt limit | Conn Carroll | Beltway Confidential | Washington Examiner
     
    Last edited: Jul 4, 2011
  2. percysunshine
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    percysunshine Gold Member

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    I plan on ignoring my mortgage company when I stop making payments on my house.

    I kind of wonder how much time that will buy me....could be years...could be days...
     
    Last edited: Jul 4, 2011
  3. VaderNinurta
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    VaderNinurta Rookie

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    The "Debt Ceiling" is completely arbitrary. "Raise" it, "Lower" it, or keep it the same, it will continue to be ignored as it is just an invented notion.
     
  4. percysunshine
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    percysunshine Gold Member

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    It is not arbitrary. It is the US government credit card limit. It can be changed by Congress, but it is not arbitrary.
     
  5. NYcarbineer
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    NYcarbineer Diamond Member

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    Do like Latin American countries have done in the past, just default. Did Brazil default in the 80"s, maybe?

    They seem to be fine now. Fuck it. Pay off American debtholders and tell the rest of the world to come get it if they dare. What's the worst that can happen? We lose our credit rating? That might be the best thing that could happen.:lol::lol::lol:
     
  6. percysunshine
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    percysunshine Gold Member

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    Banana Republic?

    I guess that is one option.
     
  7. Trajan
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    Trajan conscientia mille testes

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    in one sense, because NY Carb. is nuts hes hit upon a nugget of reality, the real players in the global economy are all banana republics in more ways than one......
     
  8. C_Clayton_Jones
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    C_Clayton_Jones Diamond Member

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    The problem is the Constitution does not mandate a ‘debt ceiling,’ it’s a legislative contrivance which may not be constitutional at all:

    Indeed, the president may ignore the law with impunity:

    So the president could continue to pay the Nation’s debts and there’s not a thing the House can do about it.

    Irony note:

    Through their obstructionism and blind adherence to partisan dogma, with Libya and the Debt Ceiling issue, ‘conservatives’ have succeeded in strengthening the hand of the Imperial President, making the Federal government larger and stronger. Good job ‘small government’ republicans.
     
  9. hellofromwarsaw
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    hellofromwarsaw BANNED

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    Only the ridiculous Tea Party/Voodoo crazy Pubs of today would hold the country hostage like this. Feg them, we don't need debt limits or the permission of tax cut cult morons to raise it. Sounds fair to me.
     
  10. Trajan
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    Trajan conscientia mille testes

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    actually there is; refuse to vote one more budget, appropriation bill out of the house, not a thing, not one dime. I'll bet they are on firmer ground doing that than this construct thats being ginned up.




    oh and notice anything peculiar as to your link?


    :lol:I love how everything you put out is a done deal and in the declarative. :lol:

    Hyperbole much?
     
    Last edited: Jul 4, 2011

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