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Original First Black President Thinks Obama Should Use Debt Ceiling Loophole
By
Christopher Robbins
Published Jul 24, 2011
Modified Jul 24, 2011
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By
Christopher Robbins
Published Jul 24, 2011
Modified Jul 24, 2011
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There's only 9 shopping days until the real apocalypse, and that means time is running out for President Obama and House Speaker John Boehner to hammer out a "grand bargain" that would reduce the deficit by trillions, raise the debt-ceiling limit, and soothe the worries of the global economy. Boehner reportedly called Obama today, but that was probably to tell him how much he cried when he saw Marley and Me. However, the original First Black President, William Jefferson Clinton, suggested last week that Obama use Section 4 of the 14th Amendment to raise the debt ceiling himself. While the president said on Friday that his attorneys "are not persuaded that that is a winning argument," a few law professors tell the Times it's entirely feasible.
The particular provision of the 14th Amendment was originally written to assuage doubts that the states comprising the Confederacy would pay their Civil War debts. But the Supreme Court of the United States opined in 1935 that the provision's
language indicates a broader connotation. We regard it as confirmatory of a fundamental principle which applies as well to the government bonds in question, and to others duly authorized by the Congress, as to those issued before the amendment was adopted.
Enter Slick Willie, who told The National Memo on Tuesday he would use Section 4 "without hesitation, and force the courts to stop me." The man, who once upon a time didn't remember what the definition of "is" is, was full of insights in this particular interview: "The reason that raising the debt limit is so unpopular is that people think you're voting to keep [increasing] deficit spending, instead of voting to honor obligations that were already incurred." This despite the fact that those "obligations" have the GOP's prints all over them.
There will be plenty of time for partisanship after we step off this ledge, and as one law professor at Yale tells the Times, “You’re not supposed to hold the validity of the public debt hostage to achieve political ends. Section 4 is a fail-safe that only comes into operation when everything else is exhausted.” Just by gauging the amount of grey in President Obama's hair, we'd say this particular issue is pretty well "exhausted."
Tagged
bill clinton
crisis
crybabies
debt limit crisis
debt-ceiling crisis
end of days
gop
marley and me
obstructionists
president clinton
president obama
republicans
Christopher Robbins
Christopher Robbins is a New York City reporter covering transportation, affordable housing, local politics, and criminal justice. His work has also appeared in New York Magazine, The Village Voice and The New York Times. Chris is a graduate of Patrick Henry High School in Roanoke, Virginia, and enjoys biking to Fort Tilden in the summertime.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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