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Title : "The two sides can posture all they want, but in the end, Congress and the president have to reach an agreement. That is not a bad thing."
link : "The two sides can posture all they want, but in the end, Congress and the president have to reach an agreement. That is not a bad thing."
"The two sides can posture all they want, but in the end, Congress and the president have to reach an agreement. That is not a bad thing."
"It is a good thing. The Constitution does not permit a unilateral solution on either side.... Article I, Section 8 lists the powers of Congress. The first clause of Section 8 provides that Congress may 'lay and collect taxes.' The second clause provides that Congress has the power 'to borrow money on the credit of the United States.' These clauses are absolute.... The debt ceiling is not a restriction on what would otherwise be the president’s ability to borrow; it is an authorization for the executive branch to borrow up to that ceiling.... Nonetheless, Mr. Biden’s advisers reportedly are contemplating violating the congressional debt limit based on a far-fetched interpretation of Section 4 of the 14th Amendment propounded by some academics...."Writes lawprof Michael W. McConnell in "The Case for Violating the Debt Limit Is Dangerous Nonsense" (NYT).
"Section 4 of the 14th Amendment, enacted in the wake of the Civil War, says: 'The validity of the public debt of the United States, authorized by law … shall not be questioned.' The immediate purpose was to prevent future Congresses (if controlled by pro-Confederate Democrats) from repudiating pension obligations and other debts incurred to win the Civil War. No doubt it applies beyond those narrow circumstances. But by its terms it does not authorize the president to borrow more money in violation of Article I, Section 8, Clause 2. Nor does it authorize the president to impose taxes in violation of Article I, Section 8, Clause 1. By its terms, it does not augment the president’s powers one iota. Nor does Section 4 have anything to do with payment of the national debt. It does not make it unconstitutional for the United States to run out of money. Nice idea, but impossible. Section 4 prevents the only institution of government that could deny the validity of the debt — namely, Congress — from doing so. For the United States to fail to pay interest or principal on its debt would be financially catastrophic, but it would not affect the validity of the debt. When borrowers fail to make payments on lawfully incurred debt, this does not question the validity of those debts; their debts are just as valid as before. The borrowers are just in default...."
(I added the boldface.)
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"It is a good thing. The Constitution does not permit a unilateral solution on either side.... Article I, Section 8 lists the powers of Congress. The first clause of Section 8 provides that Congress may 'lay and collect taxes.' The second clause provides that Congress has the power 'to borrow money on the credit of the United States.' These clauses are absolute.... The debt ceiling is not a restriction on what would otherwise be the president’s ability to borrow; it is an authorization for the executive branch to borrow up to that ceiling.... Nonetheless, Mr. Biden’s advisers reportedly are contemplating violating the congressional debt limit based on a far-fetched interpretation of Section 4 of the 14th Amendment propounded by some academics...."
Writes lawprof Michael W. McConnell in "The Case for Violating the Debt Limit Is Dangerous Nonsense" (NYT).
"Section 4 of the 14th Amendment, enacted in the wake of the Civil War, says: 'The validity of the public debt of the United States, authorized by law … shall not be questioned.' The immediate purpose was to prevent future Congresses (if controlled by pro-Confederate Democrats) from repudiating pension obligations and other debts incurred to win the Civil War. No doubt it applies beyond those narrow circumstances. But by its terms it does not authorize the president to borrow more money in violation of Article I, Section 8, Clause 2. Nor does it authorize the president to impose taxes in violation of Article I, Section 8, Clause 1. By its terms, it does not augment the president’s powers one iota. Nor does Section 4 have anything to do with payment of the national debt. It does not make it unconstitutional for the United States to run out of money. Nice idea, but impossible. Section 4 prevents the only institution of government that could deny the validity of the debt — namely, Congress — from doing so. For the United States to fail to pay interest or principal on its debt would be financially catastrophic, but it would not affect the validity of the debt. When borrowers fail to make payments on lawfully incurred debt, this does not question the validity of those debts; their debts are just as valid as before. The borrowers are just in default...."
(I added the boldface.)
Thus articles "The two sides can posture all they want, but in the end, Congress and the president have to reach an agreement. That is not a bad thing."
that is all articles "The two sides can posture all they want, but in the end, Congress and the president have to reach an agreement. That is not a bad thing." This time, hopefully can provide benefits to all of you. Okay, see you in another article posting.
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