Eliminating the Debt Ceiling: Is There Anything the 14th Amendment Can’t Do?

Source: American Institute for Economic Research
by Robert E Wright

“[T]he US government cannot lawfully repudiate its debts or willfully default on them. Section 4 means that the Treasury has to service all the government’s bonds and pay Social Security and certain other debt-like obligations before it can make other payments, including to federal government employees. What Biden’s tribe (or is it Tribe’s Biden?) wants to do, apparently, is to issue debt not authorized by Congress so that it can continue normal federal government operations. … If POTUS is truly concerned about a debt default, he can also borrow money, but only on his own credit, perhaps by pledging the proceeds from his foreign business deals and mansions as collateral, and then donate it to the US Treasury.” (05/23/23)