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The bargain rushed through Congress on Wednesday night clobbers the U.S. Constitution. It shifts control over the debt ceiling from Congress to the president, in violation of Article 1, Section 8, and pushes the nation toward a slippery slope of allowing the president unlimited power to borrow.
Article 1, Section 8, states that "Congress shall have the Power To lay and collect Taxes ... to pay the Debts and provide for the common Defence and general Welfare of the United States; . .. To borrow Money on the credit of the United States ... "
Until 1917, the president had to ask Congress' permission for each borrowing and frequently acquiesced to conditions. That year, Congress devised the debt ceiling, which gave the president flexibility to borrow up to a certain amount in order to fund a world war.
It seems now, the President can (and will) raise the debt limit any time he wants to.
Many questions as to *WHY* this was allowed by Congress ?
Bassago
reply to post by xuenchen
This is akin to giving an out of control spendaholic a credit card without any limit and telling them they have to give it back next year. Congress couldn't see a problem with this?
Oh yeah, I'm sure Obama knows how to be reasonable with this *wink, wink*.
Nephalim
*Throws hands up*
Game over
Im gonna go watch tv, or does the president get to tell us all when to do that too?
MALBOSIA
So who is at fault then?
The borrower? or the credit issuer?
Central bank governors are not elected. That to me is a big issue. These people are supposed to be the smartest economists in each nation. If they were so smart they would have seen this coming.
Is the central bank using it's wise expertise to examine the nature of the loan for potential risk? No! they are sitting there with their pen in hand waiting for your call.
I give that business a year unless it had an unlimited credit card like the US has enjoyed for far too long.
Bassago
First off I'd say the big spender is at fault followed by the idiots who gave them the credit card. In this I do not hold the bank responsible.
skeptichaun
I think this has been filibustered and not passed. maplight.org...
Good thing. I would hate to think one part of one third of our system of gov't could not use crashing the economy as leverage to extort minority ideals. Our democracy is still safe. Sleep well!
bloodreviara
reply to post by Thorneblood
It's gotta be better than this
slow death spiral.
Amendment XIV
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 validity of the public debt...
shall not be questioned.
xuenchen
skeptichaun
I think this has been filibustered and not passed. maplight.org...
Good thing. I would hate to think one part of one third of our system of gov't could not use crashing the economy as leverage to extort minority ideals. Our democracy is still safe. Sleep well!
It's in the passed and signed version.
Complicated but....
H.R.2775