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The media and the officials in the Treasury Department say that if there is no formal debt ceiling increase by October 17th, America will default on it's debt to it's bond holders, much of it to China, and a world wide Economic Recession/Depression will occur.
So if Congress and the President refuses to yield with their hard stance, on delaying Obama care, is there anything President Obama can do once we technically run out of money, using Presidential Emergency Powers to keep paying federal workers, vendors and bondholders?
Yes, he can use the 14th Amendment to order the Treasury Department to pay our bond holders but that would still not allow the Federal Government to pay our other expenses such as Defense and Homeland Security because our income is less than our expenses.
(Please, lets not talk about the politics of the debt ceiling debate or government spending, but lets keep the discussion to what President Obama could do using special Presidential Powers so we don't default on our obligations).
I think he should have them all jailed, cut off all communication with their puppetmasters and have them do their jobs. Come up with a common sense, workable solution to whatever their problem is.
There's no Special Executive Power. However, the 4th Section of the 14th Amendment to the Constitution states that, "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. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void."
That basically means that the US Government cannot choose to not pay incurred debt. So it doesn't matter if Congress declines to raise the debt ceiling, - a self imposed measure to start with. The Government is Constitutionally obligated to pay on it's debt, which requires borrowing money above the arbitrary limit set by Congress.
The media and the officials in the Treasury Department say that if there is no formal debt ceiling increase by October 17th, America will default on it's debt to it's bond holders, much of it to China, and a world wide Economic Recession/Depression will occur.
So if Congress and the President refuses to yield with their hard stance, on delaying Obama care, is there anything President Obama can do once we technically run out of money, using Presidential Emergency Powers to keep paying federal workers, vendors and bondholders?
Yes, he can use the 14th Amendment to order the Treasury Department to pay our bond holders but that would still not allow the Federal Government to pay our other expenses such as Defense and Homeland Security because our income is less than our expenses.
(Please, lets not talk about the politics of the debt ceiling debate or government spending, but lets keep the discussion to what President Obama could do using special Presidential Powers so we don't default on our obligations).
The delay of Obamacare has long ago been taken off the table by conservatives. So that's out.
Nancy Pelosi said he could use the 14th amendment. I remember there was talk of making a coin worth 1 trillion dollars that would be minted by the Treasury using some rule about commemorative coins
The delay of Obamacare has long ago been taken off the table by conservatives. So that's out.
Nancy Pelosi said he could use the 14th amendment. I remember there was talk of making a coin worth 1 trillion dollars that would be minted by the Treasury using some rule about commemorative coins
Using the 14th Amendment might stop a full-on default, but the markets and the "Good faith and credit" of the world's largest economy would be severely damaged for a long time to come.
The media and the officials in the Treasury Department say that if there is no formal debt ceiling increase by October 17th, America will default on it's debt to it's bond holders, much of it to China, and a world wide Economic Recession/Depression will occur.
So if Congress and the President refuses to yield with their hard stance, on delaying Obama care, is there anything President Obama can do once we technically run out of money, using Presidential Emergency Powers to keep paying federal workers, vendors and bondholders?
Yes, he can use the 14th Amendment to order the Treasury Department to pay our bond holders but that would still not allow the Federal Government to pay our other expenses such as Defense and Homeland Security because our income is less than our expenses.
(Please, lets not talk about the politics of the debt ceiling debate or government spending, but lets keep the discussion to what President Obama could do using special Presidential Powers so we don't default on our obligations).
The president must pay our debts, if he decided to order the Treasury not to meet our debt payments, he would be violating the Constitution.
I will ask you to consider this.......we have loans to pay back. Indeed that is true. Just because the government "shut down" doesn't mean revenue's did.
So I ask......if the money is still coming in, what stops it from going out to pay off the loans?
There are some crazy things he could probably do, but they would likely result in all Congressional Republicans beginning impeachment proceedings immediately.
Right now it is all on Congress. If they do not raise it to pay our debts and we default, they are all violating the law in addition to the security (financial and otherwise) of the country. The hope is the folks who created this mess will not put their local elections above the safety (financial and otherwise) of the country. They most likely won't, but they will likely make many people suffer to the 11th hour.
I will ask you to consider this.......we have loans to pay back. Indeed that is true. Just because the government "shut down" doesn't mean revenue's did.
So I ask......if the money is still coming in, what stops it from going out to pay off the loans?
Because the revenue in is not enough to fund everything, including payments on the debt. The fact that have an arbitrary limit on our debt that requires a literal act of Congress to be raised is why this is occurring. It's self imposed drama.
Because the revenue in is not enough to fund everything, including payments on the debt. The fact that have an arbitrary limit on our debt that requires a literal act of Congress to be raised is why this is occurring. It's self imposed drama.
Yes, we can determine that we must continue bombing Afghani's and arm terrorists (among other things) or pay back our loans.
Which do you think we should do?
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