Tuesday, June 28, 2011
You Can Take Your Debt Limit And Shove It
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."
The Supreme Court:
In Perry v. United States (1935), the Supreme Court ruled that voiding a United States government bond "went beyond the congressional power" on account of Section 4. Republican economist Bruce Bartlett argues that Section 4 renders the debt ceiling unconstitutional, and obligates the President to consider the debt ceiling null and void. (Reference)
Republicans -- Take your debt limit and go to hell!