Left-wing pundits and their cronies in Congress delivered a well-timed second punch to the Obama news conference on the continuing fight over an increase in the US debt limit today. While Obama tried to show he was “involved” in the negotiations, his henchmen announced that it might not matter; that Congress really had no saying in the debt limit.
The thrust of their argument is that the 14th Amendment to the Constitution requires the President to do whatever he wants in order to ensure, “The validity of the public debt of the United States, authorized by law … shall not be questioned.” Overlooking the entire context of the section of the Amendment – ensuring debts incurred to battle the Confederacy were honored and barring the government or any state from assuming the debts of the rebel government – the apologists for the Administration assert that it is a universal mandate. From this they claim the President has the power to ignore Congress and issue as much new debt as he deems appropriate.
As with so many conflicts with this gang, they are trying to divert attention from the reality of the situation and present one of Obama’s “false choices.”
Were Congress to truly represent the People who by large margins oppose an increase in the debt limit, the government would not immediately go into default. Default is a political choice. Money still flows to the Treasury every day. As interest payments came due, the money would be there to pay them. As old debt was retired, new debt could be issued up to the current limit.
What the Administration could not do is incur new debt, additional debt. They could not spend trillions of dollars more than they take in. An instant balanced budget would result. So, there is no legal right or claim of the President to overturn Article I, Section 7 of the Constitution which gives the House of Representatives the sole power to originate “the raising of revenue.” And let’s be clear, adding new debt is new revenue. The President has no role.
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