US Congress: So, you wanna get out of Raising the Debt Limit?

self | jimjohn

[jimjohn]

Simply pass this bill in the House of Representatives:

Section 1:

Thirty days after the passage of this legislation, the Department of Treasury for the United States shall not be authorized to return any yield, or interest of any bonds sold thereafter, and Congress shall consider the value of any bonds sold thereafter as null and void; nor shall Congress give monetary value to any new bonds or notes printed by entities unless expressly authorized by a 2/3's vote in both the Senate and the House of Representatives.

Section 2:

All validity pubic debts incurred prior shall not questioned, and the method and means of any compensation thereof will be determined in a manner prescribed by Congress.

[jimjohn]

There, debt limit problem solved.

Note: the second part of Section 1 addresses such actions as the Fed's "quantitative easing"

[GeronL]

Mitch McConnell thinks 1/3+1 is good enough.

Meanwhile we can’t unban lightbulbs with a majority vote.

[Two Kids' Dad]

“Pubic debts”??? hee hee.

[OneWingedShark]

Hm, interesting...
Though I’m for a Constitutional Amendment of something like this:

Section 1
The Secretary of the Treasury shall issue an account, at least once a year, of the contents of gold physically within the Treasury’s possession.

Section 2
No debt shall be assumed which would cause the total debt-obligations to exceed one-hundred ten percent of the value of the gold within the treasury.

[jimjohn]

I agree on point, but some future congress/president will run rough shot over that anyway. That's why I like a law (or amendent) actually placing a value of 0 to an un-constitutional act. This way, any idiot who would buy a U.S. bond has to know they are doing so at their own peril - since Congress or any court can say "Hey, that bond (or federal reserve note you bought has no value - so the government doesn't have to make good on it"

I figure that would scare most reasonable buyers away.

[OneWingedShark]

Well, there are some other amendment-ideas I have in mind for that.
We wouldn’t want to put ALL of our amendments to the constitution into a single article which could then be nullified by a single amendment.