'We can't not pay the bills we have incurred.'

[elleng]

POTUS returning to Hawaii to join the family!

[democrattotheend]

1. I found that encouraging

He really needs to use the bully pulpit to explain the debt ceiling, which most people don't really understand.

[elleng]

2. True. I wonder, haven't studied,

whether he's thinking of trying an approach to end-run Congress on this.

[sheshe2]

5. So glad POTUS is returning to his family. He needs this.

The last picture I posted of POTUS was well...

http://www.democraticunderground.com/11026613

Thank you Elleng!

I wish you...all of us a Happy New Year. You want to know what I think?

It will be the best mind bending year ever! The GOP just crashed and folded. They will be back.However they are diminished!

[elleng]

7. Right, she2, and we remember where THAT got us!

As to best year ever, HOPE you're right, but afraid he's gonna lose MORE grey hairs w Debt Limit. Markets will probably do well tomorrow>>>, which is good.

Happy New Year, 2!

[longship]

3. And how are ya gonna do that without additional revenue?

I know... Reduce taxes and increase defense spending... That always works, eh?

It's trickle down, isn't it? We've seen how well it works for 30 years or so. So let's all double-down.

[Amonester]

4. I would love him to detail: "which also include those already voted by the Republicans themselves"

but I'll take it he is exhausted by now.

[elleng]

6. Right, but probably doesn't want to say anything to annoy/aggravate again.

[Faryn Balyncd]

8. THe constitution (14th amendment) trumps any pretences of Congress Re: "debt ceiling"

"The validity of the public debt of the U.S.....shall not be questioned"

http://www.democraticunderground.com/10022105764


Congress authority in regard to fiscal matters starts and ends with appropriations and taxes. All "debt ceiling" legislation, which attempts to restrict the ability to honor obligations is in clear violation of the 14th amendment.

[elleng]

9. Will be REALLY interesting to see this litigated!

[Igel]

10. However, it probably says that Congress trumps the Executive.

"The validity of the public debt of the United States, authorized by law ... shall not be questioned."

1. It's one thing to authorize spending. It's another thing to authorize debt. That "debt ceiling" nonsense is really authorization by Congress to engage in the issuance of public debt. Without that authorization, there's a real question as to whether that debt is worth squat.

And there's always this from the Constitution: "The Congress shall have Power ... To borrow Money on the credit of the United States." Oddly, that's not one of the perks of the Executive. Can that power be implied and by implication entirely ceded to the Executive? That would be a nifty new expansion of executive power.

2. You get to figure out what "public debt" means. It usually means debt that's been issued to the public. Think Treasury Bills, Savings Bonds.That's what you get from the examples, and historically that's what it meant.
.
"Public debt" might also include intragovernmental debt, but that's not legally permitted to be held by "the public"--unless we want to consider the Treasury dept. to be part of "the public." Nonetheless, Treasury-held debt is considered to be "public debt" for some purposes.

"Public debt" hasn't ever been parsed to mean "money owed to Office Depot for the local Social Security photocopy paper budget". Nor has it ever been understood to mean entitlement payments or even contractual arrangements (i.e., a new fighter jet).

In the strictest sense, it says that if it comes down to choosing between interest payments on the debt and Medicare, the president has to choose interest payments.