The Republicans have “no idea” how there are going to manage to raise the debt ceiling. We really ought to start thinking about what that means. Because it’s really simple to raise the debt ceiling. It’s not like trying to regulate the commodities market. It’s not rocket science. You just write a number on a piece of paper and then vote for it. If they can’t figure out how to do that, they basically have no central nervous system anymore. Their brains have marinated in bullshit for so long they’ve become jellified. It’s ridiculous.
About The Author
BooMan
Martin Longman a contributing editor at the Washington Monthly. He is also the founder of Booman Tribune and Progress Pond. He has a degree in philosophy from Western Michigan University.
How would you convince Republicans to raise the debt limit?
My position is what it’s been since the whole thing started. Anything congress authorized in the budget has to be funded, all obligations have to be funded and debt serviced. That gives implicit authority to sell debt to finance it. The debt limit is unconstitutional.
Absolutely!b Fourteenth Amendment and this gives credence to the argument:
In Perry v. United States (1935), the Supreme Court ruled that under Section 4 voiding a United States bond “went beyond the congressional power.” http://en.wikipedia.org/wiki/Gold_Clause_Cases
I’m more and more convinced you don’t need to invoke the 14th Amendment, just Article I Section 8. If you look at the list of the powers of Congress, it’s pretty clear that they’re also responsibilities, and one of them is to pay the debts of the United States.
After all, if the nation was attacked and Congress failed to provide for the common defense, wouldn’t the president be justified in defending it anyway?
That solves the problem, but it doesn’t help the Republicans with a teachable moment. it’ll just make them mad.
What you need to do Is to get them all to buy something really expensive–a week’s stay on St-Barth, say–with their credit cards, let them have a great time, and then while they’re on the island lower everybody’s credit limit to the point where they’re on the beach under water, so to speak. “Oops, but it’s just like a family sitting around the dinner table,” you remind them. “Got to learn to live within your means.”
Or are they all too rich to notice?
While your scheme is clever, I think the point would be lost on them. Pearls before swine.
All you can do is hit them until they can’t stand up anymore.
This is where the Republicans are really on top of their game. Destroying our credit rating and creating economic catastrophes. No reason just stupid. If its the deficit that’s worrying them then maybe guilt? Considering their historically reckless behavior with our nation’s money they should feel guilt.
I agree it violates the constitution to even have a debt limit. Just a reason not to pay back the Social Security Trust Fund and line their own pockets.
I don’t know, there are a lot of things I’m worried about lately, but the debt ceiling isn’t one of them. I’m pretty confident the president isn’t going to let us default on our debts, regardless of what the House does or doesn’t do. And the Republicans have so little credibility left that I think Obama can defy them and get away with it a lot more easily than he would have the last time we had to have this stupid argument. Let them impeach him if they want to. I don’t think that would really be in their interest, since it would only highlight their own refusal to do their job.
What I do worry about is what the Republicans are doing to Congress. If they continue to shirk their responsibilities, they’re ultimately going to force Obama to act like the autocrat they’ve always claimed he is. And again, their extremism could ultimately reach the point where he can defy them with impunity. Forcing a president to act without congressional approval is not setting a healthy precedent.
Bill McBride of the Calculated Risk blog is contending that Congress will, as he also predicted two years ago, raise the debt ceiling and that they are being silly (again).
Another option is to vote for something like this: “The debt ceiling is abolished. The Department of the Treasury is authorized to issue and to service specified public debt instruments (1) consistent with borrowing requirements arising from short-term and long-term variations in and between appropriations and revenues, and (2) consistent with minimizing the long-term real costs to issue and to service the public debt.”
That’d work.