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View Diary: Why The Debt Limit Fight Will Be A Political Face-Off With No Gimmicks Or Constitutional Crisis (208 comments)

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  •  No he can't reduce borrowing within the limit. (1+ / 0-)
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    MichaelNY

    Two things come into play: Treasuries statutory obligation to borrow to fund operations and the prohibition agains not spending (impoundment) when funds are in the Treasury. Both the Supreme Court and the subsequently enacted 1974 Budget Act speak to that.

    You may hear a different view on this or something else in this article from Armando later today, according to him.

    Further, affiant sayeth not.

    by Gary Norton on Tue Jan 15, 2013 at 09:40:45 AM PST

    [ Parent ]

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