On July 30, 2011, I posted about the constitutionality of the debt ceiling, which the GOP was threatening not to raise. Here we are two years later, and nearly nothing has changed. The GOP is threatening not to raise the debt ceiling again. This coms after they threatened a government shutdown unless they could mess with the Affordable Care Act. That threat went live, so the government is currently shut down, save essentials (including the ACA).
(I’ll plagiarize liberally from my 2011 post.)
The GOP doesn’t want to raise the debt ceiling. That’s kind of lame because they (along w/ Dems) approved big spending. Lots of debt naturally follows lots of spending. It was expected. And guess what? Default isn’t an option. The 4th section of the 14th amendment says:
“. . . .the validity of the public debt of the United States, authorized by law… shall not be questioned”
This means the US must honor its debts. This amendment came after the Civil War when the US’s foreign policy was on shaky ground. To instill confidence in its foreign relations, it assured the world that the US was good for its debts. It’s also there to stop nutty politicians from gaming the government and killing it from within. We’re not allowed to default. (Another treatment of the same issue here.)
Obama should espouse the above interpretation out loud to deflate this ridiculous conflict.