Friday, July 01, 2011
Section Four and the Public Credit Clause
Gerard N. Magliocca
(Cross-posted at Concurring Opinions, and following on Jack's post)
I want to add another observation about the debt ceiling. The statute, if interpreted to preclude the issuance of new debt to pay off old debt, may also violate the Public Credit Clause.
The debt ceiling is the simply the limit of the Congress' permission to the President through the Treasury to borrow money.
The debt ceiling in no way prevents the Treasury from rolling over the principal of old debt into new debt so long as the total principal remains under the ceiling.
If the Congress declines to raise the debt ceiling, the Public Debt Clause appears to require the President use federal tax revenues to pay off the interest on the public debt before any other obligation under law.
The idea being pitched by the Dems that the Public Debt Clause permits the President to seize Congress' power to borrow money has no merit under law and would trigger the most fundamental constitutional crisis of our lifetime.
The meaning of "public debt" in Section 4 of the 14th Amendment is not controlled by the debt ceiling statute.
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So the "Constitutional crisis" would presumably be the achievement of ultimate dysfunctionality
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