According to the Constitution that everyone says they love, the United States cannot default on its debt:
“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.”
The President seems averse to the idea of invoking the 14th amendment and simply ordering that public debts be paid. He probably sees it as a falling away from his favored approach of dialog, compromise, post-partisanship. "Come, let us reason together," said Isaiah, the President's favorite prophet.
He may have to invoke the 14th anyway. There's a shot at a last minute deal. The Boehner and Reid plans aren't that far apart, except that Reid's plan actually cuts more from the deficit--(not that I care; the deficit is a bogus issue to begin with).
If there isn't a deal, however, what choice does the President have? In order to be truly constitutional, he has to do it--either that, or pretend that the Constitution doesn't say what it plainly does say.
His opponents will cry "tyranny" and there will likely be an impeachment. Outside of the embarrassment of the thing, Bill Clinton almost seemed to enjoy his. What is impeachment but condensed politics, after all, and Clinton loves his politics.
It would be a loathsome experience for President Obama for exactly that same reason--too political, too sweaty, too gutter. President Obama is more like George H.W. Bush in that regard. He's a better politician than Bush Sr., but prefers to avoid open political combat.
An impeachment trial would likely redound to his political benefit. When Clinton was impeached over nothing, the center and left united behind him. If Obama should be impeached for doing his job--preventing a catastrophic default and saving the nation's credit rating--the same would happen again.
Trouble is the Big Dog's kind of party. He's dying to get into this, you can tell.
There will be no impeachment. Obama should be so lucky.
What we do know is that Obama is eager to give away the store. He dearly wanted his Grand Compromise and it blew up in his face.
This has been utter disaster. First, the White House and the Dems retreated on their push for a clean debt-ceiling raise. Then on the size of spending cuts. Then on new revenues. Obama was willing to raise the Medicare eligibility age, lousy politics and lousy policy, and inhumane to boot. We've only been saved because the Republicans can't take yes for an answer.
And it's not over.....
Posted by: Hypatia | July 28, 2011 at 12:55 PM
When was it they signed off on the Bush tax cuts? December? That's where they blew it, IMHO.
Posted by: John Petty | July 28, 2011 at 03:23 PM