June 2011 archive

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The Constitutional Game of Chicken: The Debt Ceiling & The 14th Amendment

Cross posted from The Stars Hollow Gazette

The 14th Amendment of the United States Constitution:

Section 4:

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. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.

Republican economist Bruce Bartlett, who believes that the Republicans are playing with “the financial equivalent of nuclear weapons”, argues that Section 4 renders the debt ceiling unconstitutional, and obligates the President to consider the debt ceiling null and void.

. . . .I believe that the president would be justified in taking extreme actions to protect against a debt default. In the event that congressional irresponsibility makes default impossible to avoid, I think he should order the secretary of the Treasury to simply disregard the debt limit and sell whatever securities are necessary to raise cash to pay the nation’s debts. They are protected by the full faith and credit of the United States and preventing default is no less justified than using American military power to protect against an armed invasion without a congressional declaration of war.

Furthermore, it’s worth remembering that the debt limit is statutory law, which is trumped by the Constitution and there is a little known provision that relates to this issue. Section 4 of the 14th Amendment says, “The validity of the public debt of the United States…shall not be questioned.” This could easily justify the sort of extraordinary presidential action to avoid default that I am suggesting.

snip

Constitutional history is replete with examples where presidents justified extraordinary actions by extraordinary circumstances. During the George W. Bush administration many Republicans defended the most expansive possible reading of the president’s powers, especially concerning national security. Since default on the debt would clearly have dire consequences for our relations with China, Japan and other large holders of Treasury securities, it’s hard to see how defenders of Bush’s policies would now say the president must stand by and do nothing when a debt default poses an imminent national security threat.

Mr. Bartlett is not alone, Garret Epps, journalist and professor of law at Baltimore University, agrees and proposes the President should give a speech declaring, ‘The Constitution Forbids Default’.

Democratic members of the Senate, too, have begun exploring the possibility of declaring the debt ceiling unconstitutional:

“This is an issue that’s been raised in some private debate between senators as to whether in fact we can default, or whether that provision of the Constitution can be held up as preventing default,” Sen. Chris Coons (D-Del.), an attorney, told The Huffington Post Tuesday. “I don’t think, as of a couple weeks ago, when this was first raised, it was seen as a pressing option. But I’ll tell you that it’s going to get a pretty strong second look as a way of saying, ‘Is there some way to save us from ourselves?'”

By declaring the debt ceiling unconstitutional, the White House could continue to meet its financial obligations, leaving Tea Party-backed Republicans in the difficult position of arguing against the plain wording of the Constitution. Bipartisan negotiators are debating the size of the cuts, now in the trillions, that will come along with raising the debt ceiling.

Sen. Patty Murray (D-Wash.), head of the Democratic Senatorial Campaign Committee, said that the constitutional solution puts the question in its proper context — that the debate is over paying past debts, not over future spending.

“The way everybody talks about this is that we need to raise the debt ceiling. What we’re really saying is, ‘We have to pay our bills,'” Murray said. The 14th Amendment approach is “fascinating,” she added.

Let the games continue.

Up dates below the fold.

Cartnoon

Duck Dodgers in the 24½th Century

Healing the Inside by Healing the Outside

My father’s mother was raised in an extremely religious family. Her father, a minister in a Pentecostal church that I would best describe as Holy Roller, believed in demonic possession. Sadly, my Grandmother was stricken with a variety of physical maladies that left her constantly ill and often bedridden. Following the teachings of her upbringing, his mother dragged my father to one church after another, all in the hopes that someone could cure her. Taking the miracles of Jesus as literally true, she was certain that someone out there possessed the ability. This belief was so strong that she sometimes gave money to televangelists who promised to do the very same thing.

“Turtles Hit The Tarmac at JFK”

Cross posted from The Stars Hollow Gazette

Sometimes I love New York

Mama Turtles Put JFK Runway On Hold

Six In The Morning

Report: Pakistan ends US use of base for drone attacks

Ties between the two countries remain strained since the bin Laden raid

REUTERS  

Pakistan has stopped the United States from using an air base in the southwest of the country to launch drone strikes against militant groups, the defense minister was quoted as saying, as ties remain strained between the two countries.

Pakistan has long publicly opposed the missile attacks as a violation of its sovereignty, but has in private given support including intelligence to help target members of al-Qaida and the Taliban in the northwest region along the Afghan border.




Thursday’s Headlines:

‘War on terror’ set to surpass cost of Second World War

Greece crisis: Greek MPs face second austerity vote

France confirms Libya arms drops

The deal behind Thailand’s polls

Equatorial Guinea steadies itself for Africa’s big stage

Boeing Overcharging?, Hawks Yawn!

A ‘Patriotic’ U.S. company ripping off the Army and the American Tax Payers, and military procurement officers allowing it to happen, knowing many will go to work for these defense contractors after their service, especially with two long occupations still ongoing, say it ain’t so!

Boeing found to have overcharged Army for helicopter parts

Muse in the Morning

Photo Sharing and Video Hosting at Photobucket
Muse in the Morning

Time for a break from poetry…in order to create some art.

Don’t live down to expectations. Go out there and do something remarkable.

–Wendy Wasserstein



Blitz 2

Late Night Karaoke

Take The Money And Run

Cross posted from The Stars Hollow Gazette

After receiving a $10 billion of tax payer money in the financial crisis bailout and making a record $2.7 billion profit in the first quarter of 2011, Goldman Sachs will lay off 1,000 American workers and out source their jobs to Singapore.

The jobs in Singapore are likely to be “high-paying, skilled positions in sales and investment banking,” the same types that are likely to be cut in the firm’s domestic operations, according to one person with knowledge of the matter. This person added that the firm has recently briefed people in Washington about the new overseas jobs because it “is afraid of the fallout” as it plans to slash $1 billion in costs over the next year — a move that will mean a significant, though still undetermined number of layoffs across its operations, though people close to the firm expect the biggest hit to come from the US. Goldman also plans a much smaller expansion in its Brazil unit and in India.

Last year, the Republicans in the Senate, aided by Sen Joe Lieberman and four Democrats, blocked a bill that would have ended tax breaks for companies that shift American jobs overseas. Over the last decade these mega corporations have laid off nearly 3 million American while hiring 2.4 million overseas. These jobs are not low tech jobs as these companies claim but but jobs held by highly educated workers who never expected to find themselves among the unemployed.

My Little Town 20110629: Ma’s Philosophy

Those of you who read this regular series know that I am from Hackett, Arkansas, just a mile or so from the Oklahoma border, and just about 10 miles south of the Arkansas River.  It was a redneck sort of place, and just zoom onto my previous posts to understand a bit about it.

I rarely write about living people except with their express permission, but may make an exception or two here because it might be important to talk about some of her decedents who still breathe.  None of those references will be derogatory.

I introduced you to Ma a few weeks ago here.  Now comes more about her.

Countdown with Keith Olbermann

If you do not get Current TV you can watch Keith here:

Watch live video from CURRENT TV LIVE Countdown Olbermann on www.justin.tv

If you can’t watch here Timbuk3 has supplied a link to DU

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