Thursday, October 3, 2013
New York Times Room for Debate: Can Obama Ignore the Debt Ceiling?:
- Akhil Reed Amar (Yale Law School), GOP Stand on Debt Gives Checkbook to Obama: "If you are trying to play the hostage game, it generally makes sense to point the gun at someone else’s head, not your own."
- Dorothy A. Brown (Tax Prof, Emory Law School), Keep the Judges Out of It and Keep Negotiating: "If the President acts unilaterally, it will be the last decision he will make on this issue. Courts will be calling the shots after that."
- Elizabeth Price Foley (Florida International University Law School), Only Congress Can Raise the Debt Ceiling: "The word "debt" in Section 4 of the 14th Amendment refers only to bonds and similar debt instruments. It does not include statutory "obligations.""
- James K. Galbraith (University of Texas, Lyndon B. Johnson School of Public Affairs), Government Doesn't Have to Borrow to Spend: "When the Treasury writes a check, a bank credits an account. That's money creation. Treasury bonds absorb money, but aren't needed."
- Thomas Geoghegan (Despres, Schwartz & Geoghegan, Chicago), Creditors' Power Exceeds the Preident's: "Bondholders, contractors and states who expect payment from Washington should sue to overturn the debt ceiling as illegal and unconstitutional."
- Eric Posner (University of Chicago Law School), Emergency Powers Let the President Borrow: "Hamilton and Jefferson believed the president could act unilaterally to address serious threats not anticipated by the Constitution's framers."