Skip to comments.Could Obama Just Ignore the Debt Ceiling? (NYT trial balloon)
Posted on 06/28/2011 2:52:34 PM PDT by reaganaut1
In the ongoing debate over raising the debt ceiling, one option has not had much prominence: whether the Obama administration could ignore it altogether, and just spend the money it owes anyway. Would that be legal?
Matthew Zeitlin at The New Republic spoke with a few political scientists, budget wonks and constitutional scholars who argue that it would be. An excerpt:
Garrett Epps, a legal journalist and professor at University of Baltimore School of Law, has made an even broader argument in a pair of articles for The Atlantics website. In an interview, Epps told me that there was a strong argument that the debt ceiling is unconstitutional because it exceeds the legislative branchs power of the purse. The argument goes like this: Because Congress already appropriated the funds in question, it is the executive branchs duty to enact those appropriations. The debt ceiling, then, is legislative double-counting, because the executive branch is obligated to spend the money Congress appropriates, without having to go back and ask again for permission.
Of course, ignoring the debt ceiling could have some severe political consequences, especially since most Americans do not seem to realize that doing so primarily requires making good on payments already promised, as opposed to committing to new spending. That may explain why most Americans still are against raising the ceiling.
(Excerpt) Read more at economix.blogs.nytimes.com ...
How about we all quit paying taxes? If enough of us do it at one time, there’s nothing they can do about it.
Hope you are right. The USA can’t survive much more of Barry’s shenanigans.
He’s a socialist fascist.
They seize power by fiat; it’s their nature.
The RNC response should be to announce that if Obama illegally issues bonds, the law will be that such bonds will not be paid.
Power for the same or not, it would create such a cloud that no one would buy them.
None of this was Obambi's responsibility . It was the staffer that filled out the questionaire for his first term incorrectly .
That they’re even contemplating this is shocking.
He will certainly seal his re-election fate if he does.
Obama can not ignore the debt ceiling.
He can not spend money he doesn’t have to spend. That would be fraud.
He can’t borrow beyond the debt limit, because he will be violating the debt limit law.
He can’t change taxes without congress.
The Debt Limit law makes most appropriations subject to having sufficient funds on hand. If Obama doesn’t have sufficient funds on hand, his only two options are to borrow money and he can’t do that except to the extent authorized by Congress or to wait for new tax revenues to flow in.
That has worried me a lot and I am very surprised more haven’t talked about it. There has been much discussion in the past on whether or not a “debt ceiling” is even Constitutional.
All that means is that if there is an argument that it is unconstitutional, I think there is a real chance that the Obama Admin will ignore it if no deal is reached.
Tea party House of Reps. Maybe another impeachment, thats who
Funny you mention him. In a Charlie Rose interview, he pushed the idea that the 14th amendment ‘all debts should be deem valid’ clause meant the debt ceiling could be unconstitutional.
These liberals will find a way to avoid the one thing they really oppose: Doing whatever it is that conservatives want.
No Controlling Legal Authority
Who’s going to accuse him of a crime? Who’s going to threaten him with being cited? Arrested?
What, are you kidding me?
How much you wanna bet this “trial balloon” was given birth in the Oval Office and faxed over to the Times?
You’re assuming the GOP/RNC has something between their legs. The last chairman of the RNC is Boo-Hoo Boner’s spokesperson and sucks up to Chris Mathews everyday.
This is old news. Denninger has brought it up before. It seems that there is no “or else” in the law. So Obama can break it without penalty. Congress critters always forget the penalty part when government officials could be punished for breaking a law.
The discipline for this will come from the bond market, not from Obama’s respect for the law.
Would you invest in a bond of questionable authorization? I wouldn’t. It would make interest rates skyrocket.
We’ve been operating without a budget for 2 years. If they can ignore the mandate to actually make a budget they can easily ignore the debt ceiling law. And given how little complaining the GOP has done about the lack of budget they really have no leverage to enforce the ceiling.
What debt ceiling?
What War Powers Act?
Want some whiskey in you water? Sugar in your tea? What's all these crazy questions you're asking me?
Hell if the government can create money out of thin air, then they can cover our bad checks.
whu not. he ignores congress, the constitution, judges and all of the reponsibity and decision making his job entails.
He wants to destroy our way of life. I don't know how many times I can type this, but the answer never seems to get through to people.
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