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In reply to the discussion: EW: "We're in this position for one reason, and one reason only ...." [View all]Uncle Joe
(58,112 posts)3. If the Republican House carries through and runs out on the bill, by not raising the debt limit.
They will be in direct violation of the 14th Amendment to the U.S. Constitution and will have broken their oath to "uphold and defend the Constitution of the United States."
http://en.wikipedia.org/wiki/Fourteenth_Amendment_to_the_United_States_Constitution
Section 4. 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.
Edit for P.S. Not to mention the economic consequences will be catastrophic as the dollar will rapidly deteriorate over night and interest rates go through the roof.
Thanks for the thread, Scuba.
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The Debt Ceiling is another construct of Congress because they can't control their own spending.
RC
Oct 2013
#18
Until Reagan Tripled the Debt, Congress and Presidents were staying somewhat in line.
Tigress DEM
Oct 2013
#20
If the Republican House carries through and runs out on the bill, by not raising the debt limit.
Uncle Joe
Oct 2013
#3
Reasons Obama investigated this in 2011 and it didn't work then and won't now:
freshwest
Oct 2013
#15
Lets run up a deficit by borrowing money for two useless wars and unneeded tax cuts for the wealthy
Snake Plissken
Oct 2013
#8