7/15/2023 0 Comments The reasongovernment, tank the domestic economy, boost interest rates worldwide as investors demand guarantees against future defaults, and, because the dollar is the world’s reserve currency, spark a worldwide financial crisis like that of 2008 and even perhaps a downturn like that of the 1930s. That will, in turn, decimate the credit of the U.S. Failure to raise the “debt ceiling” will not reduce the national debt by one penny it will force a default on existing debt, the first ever. bonds does not come from new spending but from money already appropriated by Congress and spent by the executive branch. For those who just tuned in, I’ll explain quickly: the interest due on U.S. Second, a President must sometimes contemplate defying the other branches to save the country from disaster. First, default on the debt (which would occur if Congress does not raise the “debt ceiling” provided by statute) is flatly forbidden by the Constitution. These days, looking upon the current entirely manufactured "crisis" over the "debt ceiling," Epps calls our attention to Section 4 of the 14th, which reads, in part, 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.įrom the Washington Monthly: As the clock ticks off the remaining minutes before the United States suffers a politically engineered default on its debt, I desperately hope that the Biden administration has learned both lessons of Perry. If there's one thing of which the past three generations of conservatives live in genuine terror, it's that the so-called "Reconstruction amendments" - That would be 13, 14, and 15 - suddenly spring to life and devour modern conservatism for the antebellum nostalgia trip it always has been. Another person to whom I listen when the going gets weird is Garrett Epps, the redoubtable watcher of all things constitutionalish and resolute champion of, among a great many things, the 14th Amendment to said Constitution.
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