Why the 14th Amendment matters in the debt-ceiling crisisBreaking News
tags: debt ceiling
As we enter the final countdown in our third debt-ceiling crisis in two-and-a-half years, most of us have heard at least some discussion of Section 4 of the 14th Amendment, which dictates that the "validity of the public debt of the United States ... shall not be questioned."
Unfortunately -- and misleadingly -- these mentions have often occurred in the same breath as the notion of minting two $1 trillion platinum coins as a way of magically and comically circumventing the impasse. This has led many to assume that the 14th Amendment's relevance to the crisis is as hypothetical and far-fetched as the wacky coin proposal, amounting to no more than some sort of "silver-bullet" pipe-dream or a liberal academic's Hail Mary pass.
That is wrong. It is true that the majority view, both in legal academia and among President Obama's legal advisors, seems to be that the 14th Amendment provides no easy out for the President as he faces this crisis. It does not, in their estimation, authorize him simply to declare the debt-ceiling a nullity and order the Treasury Department to issue new debt without prior authorization from Congress....
comments powered by Disqus
- German Vice Chancellor Condemns Populist's Holocaust Remarks
- Arizona scuttles bill that took aim at whiteness studies
- Maine governor offers John Lewis an erroneous history lesson
- How Trump's Inauguration Compares to Inaugurations Past
- The Fake News Pioneer of Ringling Bros. and Barnum & Bailey Circus
- Jack Rakove tells League of Women Voters Electoral College needs to be abolished
- Juan Cole says Chelsea Manning’s leaks contributed to the revolution in Tunisia
- Bacevich and Mearsheimer on Obama’s Legacy
- Where Historians Work: An Interactive Database of History PhD Career Outcomes
- GW history department targeted by conservative media after curriculum change was announced