Well it looks as if the boys in the GOP, for the second time, will use the debt ceiling as a "bargaining chip" to close down social programs for the poor and keep the fat cat military contractors awash in tax payer cash.
That leave 2 interesting options. Both are extraordinary..and well within the law.
One of them comes from the 14th Amendment.
Constitutionally..the US is required to pay for things it buys. Using the debt ceiling to curtail this function is not constitutional..and would probably create a new case for the supreme court to handle, which in my opinion would be a good thing. The debt ceiling is pretty stupid..but before 2010 it was perfunctory.
Second..there's another way to get around this fiasco.
The trillion dollar coin.
That leave 2 interesting options. Both are extraordinary..and well within the law.
One of them comes from the 14th Amendment.
Section 4.
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 suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any state shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.
Constitutionally..the US is required to pay for things it buys. Using the debt ceiling to curtail this function is not constitutional..and would probably create a new case for the supreme court to handle, which in my opinion would be a good thing. The debt ceiling is pretty stupid..but before 2010 it was perfunctory.
Second..there's another way to get around this fiasco.
The trillion dollar coin.
If the Republicans in Congress are really irresponsible and outrageous enough to hold the reputation and economy of the United States of America hostage to win a few re-election points, then perhaps the appropriate response is for the Treasury to save the country by minting a "trillion-dollar coin."
If you're like most people, you'll jump to the wrong conclusion when you hear about this "trillion-dollar coin."
You'll think that the "trillion dollar coin" is just another way for the government to print money out of thin air to pay for spending we can't afford.
But that's actually not what the "trillion-dollar coin" idea is.
The "trillion-dollar coin" is just a legal gimmick that responsible people in the U.S. government might use to enable the country to pay bills and honor prior commitments ... without relying on a group of selfish, irresponsible people in Congress to first raise the debt ceiling first.
Basically, the "trillion-dollar coin" would just allow the Treasury, which pays the country's bills, to keep writing checks regardless of what Congress does with the debt ceiling.
Read more: The 'Trillion Dollar Coin' And The Republican Debt Ceiling Fight - Business Insider