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May 23 2023
Raising the debt ceiling and authorizing the US Treasury to issue more debt to pay existing obligations are constitutional issues. The 14th Amendment should be invoked. It states, “The validity of the public debt of the United States, authorized by law, including debts incurred for payment of [various expenses] shall not be questioned.” The word “including” here means “not limited to,” soDaily Kos
May 30 2023
The Public Debt Clause theory doesn’t work because the text of the clause gives no hint of a presidential authority—”Congress shall have power to enforce” it, not the president. Using Congress’s section 5 enforcement power to take Congress’s Article 1 borrowing power would be an ambitious double heist. Second, as my paper recounts at length, legislative limits on executive borrowing wereHotAir
May 21 2023
The End Game For The Debt Ceiling By Howard Wang of Convoy Investments The US debt ceiling crisis Currently there is considerable political tension and bickering surrounding the US debt ceiling, resembling the dinner table dynamics of a financially troubled and debt laden family. Over the past few years, I have frequently discussed the escalating US sovereign debt level due to its growingZeroHedge
Aug 02 2023
Fitch Ratings downgraded its US debt rating on Tuesday from the highest AAA rating to AA+, citing “a steady deterioration in standards of governance.”
The downgrade comes after lawmakers negotiated up until the last minute on a debt ceiling deal earlier this year, risking the nation’s first default. But the January 6 insurrection was also a major contributing factor.
In a meetingCNN Business
Sep 20 2017
We are now in a familiar debate in Washington about whether taxpayers should give Congress an unlimited budget with the national credit card. The big spenders in both parties have joined forces with the bondholders on Wall Street to argue for the abolition of the federal debt ceiling.CBN
Jun 01 2023
Happy Thursday! Failed Arizona gubernatorial candidate Kari Lake is taking over the keynote speaking slot at the Georgia GOP’s upcoming Victory Dinner after former Vice President Mike Pence backed out of the engagement. There’s a metaphor in there somewhere, but we can’t quite put our finger on it. • The House voted 314 to 117 on Wednesday to pass the Fiscal Responsibility Act, a billThe Dispatch
May 30 2023
House speaker Kevin McCarthy’s narrow majority will put him at a distinct disadvantage in the debt-ceiling fight relative to what John Boehner had to work with back in 2011.
The reason is that during these sorts of standoffs between the House and Senate, it’s always helpful to the negotiating position of one chamber when the majority party is able to pass a bill, and then deflect blameNational Review (News)
May 28 2023
President Biden and House Speaker Kevin McCarthy (R., Calif.) reached an agreement in principle late Saturday night to raise the debt ceiling, and some details of the deal were still emerging. The deal, which comes after several long days of talks, raised the debt ceiling for two years, past the presidential election.
Here are some major components of the deal, according to peopleHotAir