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View Diary: Cutting off negotiations (12 comments)

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  •  Well, the constitution explicitly says that only (4+ / 0-)

    Congress has the authority to borry against the credit of the United States. Pretty clear on that point. What is debatable is does Congress implicitly authorize the President to borrow by passing spending bills that didn't sufficiently match revenues.

    Either way, you've got a constitutional crisis on your hands over debt. That's a surefire way to get our bonds rated as next to crap.

    I don't think it will come to that. The GOP will extend the debt ceiling before it comes to that.

    •  The trillion-dollar coin should come before crisis (2+ / 0-)
      Recommended by:
      claude, semiot

      The president can take the debt ceiling hostage out of Republican hands by using the power of coinage given to the Treasury to mint as many trillion-dollar coins as he needs to, until Republicans figure out they don't have that hostage anymore.  Then he should insist on abolishing the debt ceiling, by having Congress declare that spending bills give consent to borrowing funds to cover the spending.

      I think Obama ought to engage in tit-for-tat negotiations with Republicans after the tax cut bill is passed.  They want to increase defense spending above the sequester?  How will they pay for it with increased revenues?  If they don't want to pay for that spending, then Democrats insist on equal spending for unemployment benefits, infrastructure stimulus spending, and anything else Republicans want.  If the CBO won't certify that spending provides sufficient economic stimulus to pay for itself, revenues need to be raised in other ways.

      Land at the bottom of the fiscal cliff, then start horsetrading with Republicans about who gets what, and what they give up in return.  However it turns out, it'll likely be better than almost any other conceivable process.

      Citizens United defeated by citizens, united.

      by Dallasdoc on Thu Dec 06, 2012 at 04:30:36 PM PST

      [ Parent ]

    •  Congress borrowed when they ordered the spending. (3+ / 0-)
      Recommended by:
      PrahaPartizan, notrouble, semiot

      They can't read or add?

      If this were new spending, it might fly.  But its not.  Its $ Congress ordered spent that the Exec could not constitutionally refuse to spend.  But now it wants to order the Exec to default on already incurred debt in violation of the 14th?

      IMO the quick one-time crises which ends with the debt ceiling in the dustbin would be far better than this death by a thousand cuts that also screws up credit rating (as it did) but does so repeatedly and without ever being resolved.

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