Debt ceiling pool round 2. Biden has said he will not negotiate on a debt ceiling increase, McCarthy has said he cannot pass one without spending cuts. What do you think will happen:
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Note the so called trillion dollar coin is found in Monetize the Debt. Trying to invoke the 14th amendment and having SCOTUS shoot it down as absurd is found under Default.
@antares
Not quite.
14th Amendment says that the president has to pay debts, and the Treasury has enough revenues to pay the debts, so there is absolutely no reason for the SCOTUS to shoot it down.
So long is Biden does not tell the Treasury to ignore debts the 14th Amendment is satisfied, and if he does tell the treasury not to pay debts, that would be impeachable.
At this point this is all up to the executive branch, again since the Treasury has enough revenue to service debts regardless of whether to that ceiling is raised or not.