The Debt Ceiling's Constitutionality
Over the past few days the liberal blogosphere has been discussing the so-called constitutional option for dealing with the debt ceiling, in which Barack Obama waits for budget negotiations to break down, then announces that he believes the debt ceiling violates the 14th Amendment and orders the Treasury to keep on issuing new debt. More significantly, the administration has been pointedly not ruling it out in public statements over the last few days. So given that this seems like an increasingly likely resolution to the crisis, I wanted to canvass the BHTV forum. Is this constitutional argument correct? If not, does it matter?
My guess is that if Obama decides to do this, he can get away with it. Nobody will have standing to sue, I doubt the Supremes will be eager to get in the middle of this fight, and even if they do I doubt that Anthony Kennedy wants to vote a double-dip recession into existence. So as I see it, the only real recourse available to Republicans here is impeachment, which I doubt they'll attempt and which would be doomed to failure in the Senate even if they try it.