I agree with the vast majority, that the whole debt ceiling battle is merely a horse and pony show. They will huff, and puff, and raise it just like they always do. However, some rather interesting aspects have shown forth.
The Senate cancels 4th of July recess amongst claims that they shouldn’t go home with such a crisis on their hands. When everyone knows a single week is going to make very little difference on the matter – this is merely a political play to call a bluff – concede or lose your holiday.
http://money.cnn.com/2011/06/30/news/economy/senate_recess/index.htm?cnn=yes
But I find this statement involving the potential use of a “trump” card by the Executive branch to be even more interesting. Furthermore, it potentially has far more reaching consequences. An invocation of the 14th Amendment.
“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.”
“Even Geithner, at a Politico breakfast last month, whipped out a copy of the Constitution and read the 14th Amendment aloud. “This is the important thing -‘shall not be questioned,’ ” he said.”
http://money.cnn.com/2011/06/30/news/economy/debt_ceiling_constitution/index.htm?source=cnn_bin
The key question will be whether the debts are authorized by law or not.
The part I find =interesting is that they focus on the “shall not be questioned”. If they successfully argue their case and their interpretation of those words and their strength on such an issue. It will be much harder for justices to diminish the 2nd Amendment’s “shall not be infringed” clause.
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