Breaking News Bar
posted: 2/2/2013 4:40 AM

Three myths about the debt ceiling

hello
Success - Article sent! close
 

Three myths about the debt ceiling

Three Myths.

Order Reprint Print Article
 
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.
Need more information about reprints? Visit our Reprints Section for more details.

Contact information ( * required )

Success - request sent close

First, Congress's failure to raise the debt ceiling will cause a default on national debt. Contrary to Obama's claims, Congress's refusal to permit new borrowing by raising the debt ceiling will not trigger a default on America's outstanding public debt with consequences for our credit rating and the world's financial system. Section 4 of the 14th Amendment provides that "the validity of the public debt of the United States, authorized by law ... shall not be questioned"; this prevents Congress from rejecting lawfully incurred debts. This means a failure to raise the debt ceiling, to prevent new borrowing, does not and cannot put America's current creditors at risk.

Second, despite Obama's claims that Congress must raise the debt ceiling to pay the bills it has incurred, the obligations protected as "debts" by the 14th Amendment do not include entitlement programs such as Medicare and Social Security. These programs are not part of the "public debt," which consist of loans that are made to the federal government through bonds/financial instruments.

Third, assertions made by Nancy Pelosi that the president can rely on Section 4 as a pretext for raising the debt ceiling by himself, are incorrect and constitutionally dangerous. Section 4 grants no power whatsoever to the president, but the 14th Amendment grants Congress the "power to enforce, by appropriate legislation, the provisions of this article."

Remember our children in understanding that spending cuts are necessary, given Obama's unwillingness to implement any meaningful spending cuts and his clear preference for limitless borrowing from China.

Robert Meale

Woodstock

Share this page
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.