Schumer confirms White House considering ignoring debt limit

The Washington Examiner ^ | July 1, 2011 | Conn Carroll

[opentalk]

This morning we speculated that Treasury Secretary Tim Geithner was seriously considering just ignoring the statutory debt limit by claiming it was superseded by section Four of the 14th amendment. Sen. Chuck Schumer, D-N.Y., confirmed that that course of action has been considered by the White House. Talking Points Memo‘s Brian Beutler reports on a conference call with Schumer today:

I asked Schumer, a lawyer, whether, in his view, the administration had the power to continue issuing new debt even if Congress fails to raise the debt limit. He acknowledged that the question’s been discussed, but said the White House probably shouldn’t go there just yet.

[emphasis mine] Considering the ease with which Obama has violated bankruptcy law, refused to enforce voter fraud laws, and ignored the War Powers Act, what is stopping him from ignoring the debt ceiling.

[Not A Snowbird]

That would make all the Chicken Little screeching from the democrats a steaming pile of dog poo, wouldn’t it?

[Texas Eagle]

Why not eliminate the debt limit? What purpose does it serve if it can be raised so easily?

[LMAO]

I’m betting he ignores the debt limit. I got a sure winner

[cranked]

Please do ignore such.

I want to see the Democratic Party become extinct for quite some time.

[VanDeKoik]

Then the dumb bastard should just do it then.

Why are you talking to the GOP? Political cover?

[winner3000]

I thought that the House has the power of the purse. Since when did the Executive branch become all-powerful?

[quietly desperate]

I wonder if anyone would such debt, as it may be under a legal cloud.

[dhs12345]

And when this country tanks, we can blame the Dems. Political suicide?

Little consolation, though. By that time, we'll all be unemployed and in soup lines.

[DooDahhhh]

Hey watch it! He is black and can do absolutely anything he wants to. Hey he won! s

[cotton1706]

If the treasury borrows money without the consent of the people (i.e the Congress), then the people (i.e. the Congress) have no obligation to pay it back. Foreign nations that lend us money should keep this in mind.

[Gaffer]

If Republicans hold fast and block the increase Obama will ignore it. The only thing that will stop him is world investor (T-Bill Holders) cashing in and refusing to buy his scrip-backed trash if he does this. We either obey the Constitution or just go the hell full bore and Revolt and stop this silly ass crap from an idiot tyrant that should have been removed long ago.

[stayathomemom]

Obama - A one person flash mob.

[LibLieSlayer]

Do it rats... and you will force an unwilling boehner to cry and then start impeachment proceedings.

LLS

[shield]

There will be a point reached as this enemy agent keeps pushing and reaching way over the line...THEY’LL IMPEACH THE LITTLE BASSTURD...

[Josephat]

obama

[kabar]

Greenspan said the same thing a number of weeks ago, i.e., why have a debt limit since it is always raised.

[opentalk]

I'm surprised how much he has gotten away with, Sometimes it really seems like a one party system (imo)

[Texas Eagle]

I wish I could say I stole that thought from Mr. Andrea Mitchell but I actually stole it from Rush Limbaugh.

[PGR88]

They’ll do it - and get cover from the MSM.