IMV,
INVOKING any constitutional Amendment to RAISE the DEBT ceiling is NOT JUST on the back burner
ITS NOT EVEN OUT OF THE FRIG- or Freezer- take your pick.
TARP was invoked due to a MARKET MELT DOWN- SO why would this be any different
EMERGENCIES get people to ACT, just like 911, Depressions, Hurricanes, & Tornadoes
but heres whats being bandied about.
“It's not hard to argue that the Constitution places both payments on the debt and payments owed to groups like Social Security recipients...above the vagaries of Congressional politics,” Epps wrote in the Atlantic magazine.
Bartlett, in a Fiscal Times column noted that, due to the global ramifications of a debt default by the United States, the debt ceiling could be seen as undermining national security. Invoking the 14th Amendment to prevent default, Bartlett argues, “is no less justified than using American military power to protect against an armed invasion without a congressional declaration of war”.
The legal and constitutional basis of these arguments is section 4 of the 14th Amendment, which states, “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”.
However, other legal experts have balked at the prospect of the White House usurping the power of the House. Aside from the fact that it would likely create a deep chasm between the White House and Capitol Hill and unsettle investors, such a move would also set a unpredictable precedent.
“All administrations have acted and assumed the debt ceiling is a statute that has to be obeyed,” said Jay Powell, a former Treasury undersecretary for finance under President George W. Bush. Experts agree that the debt ceiling imposed by Congress is an important part of the US government’s system of checks and balances.
In an email to CNN Money, Epps clarified his position saying that he isn’t trying to suggest the president disregard the debt ceiling entirely, but rather that the 14th Amendment should be invoked in a worst-case scenario.
IMV
NEVER GONNA HAPPEN
AT THE least, NOT without a MAJOR MARKET CRASH
JUST LIKE TARP in 2008 -
Jay
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