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View Diary: Balkin: There will be no default, as the president already is using the 14th Amendment (362 comments)

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  •  Interesting analysis. Would actually help (0+ / 0-)

    the legal argument that the President has a right to intervene in such situations when Congress has been unable to act in time.

    I do agree with one of the other posters that if debts are paid but SS checks or medicare claims are not, that it would still be viewed as reflecting poorly on US credit worthiness, and would have the same impact in terms of debt rating and slowing the economy.  Obama will have to be prepared to act quickly and decisively to raise the debt ceiling.  He can't tip toe around the issue because the world needs a strong statement that the executive is in charge and that the nut jobs in Congress do not control Treasury.

    The GOP would then try to cut off funds in the next budget, which would result in a government shut down, but I think at that point, they would pay an extremely high price for having done nothing but stunt the economic recovery.

    Alternative rock with something to say: http://www.myspace.com/globalshakedown

    by khyber900 on Fri Jul 29, 2011 at 12:21:51 PM PDT

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