Posted on 07/06/2011 10:33:14 AM PDT by Sub-Driver
An investigation into how the Republicans forced us into the current crisis is an admirable move by the Democrats.
Somebody has got to do something, eh?
Leave "I, I, I, me, me, me" to Obama.
Ahh yes; Mr. Bruce Bartlett, the agent provocateur who has essentially lied about whether the President has a “duty” under the 14th Amendment to ignore the debt ceiling in the event of potential default because the failure to raise the debt ceiling constitutes “questioning” the debt of the US that has been authorized by law - completely ignoring what almost any punk-ass 3L could tell you (if you asked for a short research memo), namely, that “questioning” a debt is fundamentally different from defaulting on a debt, inasmuch as “questioning” a debt means repudiating that debt as a binding obligation and “defaulting” on a debt merely means that you couldn’t make payments on the debt, interest and/or principal, according to the payment terms of the debt itself. In fact, an honest debtor who finds himself unable to pay on time, and who seeks respite from his creditor until he can resume timely payment has not only not repudiated - that is, “questioned” - his debt, he has effectively reaffirmed it by seeking assurances from his creditor that the creditor will not seek to enforce that debt to the fullest extent possible.
That Pelosi and the democrats are now going to convene a kangaroo court to “discuss” what is already their foregone conclusion does not bode well. There will be significant pressure on Obastard to ignore the debt ceiling and significant pressure on every crypto-fascist - I mean democrat - in the Congress to stymie any attempt to impeach Mr. Obama for a clear, willful violation of his oath of office.
Thanks for the ping.
Great post. Thanks!
Hey Nancy!
If you really believe that raising the debt ceiling is THAT important, then you won’t mind signing a bill that reduced Federal Spending by an equal amount!!!
“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure.” - Barak Hussein Obama
Thanks sickoflibs.
I agree you can make a plausible legal argument that the constitution requires the President to honor debts and not default, viz 14th Amendment clause against repudiation of debts. However, liberals are using that exact same clause to make the case that debt ceilings are irrelevant and the president can spend away.
Such an inherently political argument will be hardly easily dispatched in a courtroom, and so we will end up with just a wider argument, sucking a constitutional crisis into a debt crisis.
In that vortex, the markets and economy would get in a tizzy in the meantime due to the uncertainty.
bottom line: Failure to pass a debt ceiling in time puts the ball in Obama’s court and no telling where he will hit it.
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