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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.
Originally posted by here4awhile
Obama...as all know who is a supposed "Constitutional Scholar" seems to think that if we as a country default on our debt, that it is unconstitutional...and that he can ignore the debt ceiling by continuing to borrow more money, without the approval of congress, to pay off past loans...
Are you sure?
Originally posted by here4awhile
Obama...as all know who is a supposed "Constitutional Scholar" seems to think that if we as a country default on our debt, that it is unconstitutional...and that he can ignore the debt ceiling by continuing to borrow more money, without the approval of congress, to pay off past loans...
And this was July 7.
In addition to his warnings about the cost of a default, officials said, Mr. Geithner told the lawmakers the White House did not believe it had the authority, under the Constitution, to continue issuing debt if it reached the debt ceiling. Nobody in the room disputed Mr. Geithner’s bleak assessment, the officials said.
Originally posted by here4awhile
But what he doesn't seem to understand...is that the text only implicates that we should use priority in paying off debts and pensions already incurred and not to the preservation of the ability to keep borrowing more and more money...