The Eternal Recurrence of Debt Ceiling Debates
In yesterday’s New York Times, Michael McConnell explains why “The idea that the 14th Amendment gives the president unilateral power to borrow is dangerous nonsense.” He writes:
Section 4 of the 14th Amendment, enacted in the wake of the Civil War, says: “The validity of the public debt of the United States, authorized by law … shall not be questioned.” The immediate purpose was to prevent future Congresses (if controlled by pro-Confederate Democrats) from repudiating pension obligations and other debts incurred to win the Civil War. No doubt it applies beyond those narrow circumstances. But by its terms it does not authorize the president to borrow more money in violation of Article I, Section 8, Clause 2. Nor does it authorize the president to impose taxes in violation of Article I, Section 8, Clause 1. By its terms, it does not augment the president’s powers one iota.
Nor does Section 4 have anything to do with payment of the national debt. It does not make it unconstitutional for the United States to run out of money. Nice idea, but impossible. Section 4 prevents the only institution of government that could deny the validity of the debt — namely, Congress — fro
Article from Reason.com
