1/ This debate over the #debtceiling is stupid AF and I blame journalists on this one.
For long as I can remember, the debt ceiling has been framed as allowing congress to maintain the "power of the purse" by authorizing the president to increase the overall debt.
The reality is that the debt is created/maintained when the budget is *approved* by congress and signed off on by POTUS.
So what we have here is congress creating debt and then creating extensions to pay the bill.
That is incorrect since the Constitution recognizes that the appropriations power is distinct from borrowing authority.
It's also incorrect since the Treasury is the one that issues debt, not Congress. Wrong branch of government.
You talk about buying a TV on a credit card, but you're overlooking that in this analogy the TV has not yet been bought.
@volkris I’m not sure what you are getting at here.
14th amendment section 4 states:
“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”
Debts “authorized by law” have to be paid. And since you stipulated that it is the treasury that issues debt.. and the treasury is authorized to issue debt by law, it still needs to be paid.
Right, and the Treasury by its own reporting says that it has the funds necessary to service its debts
So it's ridiculous for the president to be talking about defaulting. Should he order the Treasury not to pay debts out of the current account balance would be impeachable, IMO.
