Is the Debt Limit Constitutional? Biden Aides Are Debating It.
2nd May 2023
As the government heads toward a possible default on its debt as soon as next month, officials are entertaining a legal theory that previous administrations ruled out.
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Under the theory, the government would be required by the 14th Amendment to continue issuing new debt to pay bondholders, Social Security recipients, government employees and others, even if Congress fails to lift the limit before the so-called X-date.
I’ve always thought that a federal debt limit was about as useless as a Balanced Budget Amendment. You can’t force people to make smart choices if they’re determined to make dumb choices, and that especially goes for politicians. The federal debt limit has never, not once, prevented the federal debt from growing by leaps and bounds–every time it comes close, the entire Ruling Class rises up to wring their hands about how Disaster Looms and we must Loosen the Belt. Republicans have attempted to use the debt limit to restrict government spending more times than I can count, and it never worked. Not once.