As the deadline to raise the debt ceiling draws closer, many are now wondering if Barack Obama will try to go around Congress if a deal is not reached by August 2nd.
This may be a lot of "scare" talk designed to force capitulation on a principled stand. I am not buying it that chaos results if they don't get the ceiling raised.
As for the issue of the 14th Amendment, that is just a fig leaf for a power grab. The amendment gives no explicit authority for the President to start issuing debt on his own authority. He doesn't have that authority.
The only justification here is for an emergency, but who gets to declare that and on what terms? It could just turn into an excuse to do what they want to do anyway.
Worse case scenario is not a default. Worse case scenario is a dictatorship. You can recover from a default. Getting rid of a dictator could take a lot of time and perhaps a lot of blood.
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