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View Diary: Oh yeah, the debt ceiling. Yawn. (92 comments)

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  •  So, the USA can't default — (4+ / 0-)
    Recommended by:
    Andrew C White, jrooth, liberte, Sylv

    it must continue to service its debt, no matter what Congress does — but if Congress has limited new debt, then that could force a government shutdown.

    Now, given that Congress has passed new spending laws after it passed the debt ceiling law, there's a strong argument that the spending law voided the debt ceiling, by an arcane Constitutional that goes something like, "Money doesn't grow on trees."

    It's significant to note that that bit of the 14th Amendment was there to make sure that those who loaned the USA money for the Civil War would have confidence they'd get paid back.

    Government and laws are the agreement we all make to secure everyone's freedom.

    by Simplify on Tue Nov 27, 2012 at 11:51:14 AM PST

    [ Parent ]

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