The US Supreme Court has ruled that Congress May ***REPUDIATE*** The National Debt and Congress HAS previously repudiated the National debt: "Mr. Justice McREYNOLDS, dissenting. Mr. Justice VAN DEVANTER, Mr. Justice SUTHERLAND, Mr. Justice BUTLER, and I conclude that, if given effect, the enactments here challenged will bring about confiscation of property rights and repudiation of national obligations. Acquiescence in the decisions just announced is impossible; the circumstances demand statement of our views. 'To let oneself slide down the easy slope offered by the course of events and to dull one's mind against the extent of the danger, ... that is precisely to fail in one's obligation of responsibility.' Just men regard repudiation and spoliation of citizens by their sovereign with abhorrence; but we are asked to affirm that the Constitution has granted power to accomplish both. No definite delegation of such a power exists; and we cannot believe the farseeing framers, who labored with hope of establishing justice and securing the blessings of liberty, intended that the expected government should have authority to annihilate its own obligations and destroy the very rights which they were endeavoring to protect. Not only is there no permission for such actions; they are [316-Continued.]" U.S. Supreme Court U.S. v. BANKERS' TRUST CO., 294 U.S. 240 (1935) FindLaw | Cases and Codes .