Can he or can’t he raise the debt ceiling citing the 14th Amendment? While only President Obama’s advisers know for sure, there are a lot of opinions in government, the media, and the academic world about this very interesting topic.
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In this commentary, Tad DeHaven from the Cato Institute says that budgetary impasse may be obscuring the fact that the federal government’s long-term financial situation remains bleak.
As the Treasury Department rattled markets on Thursday with a recession warning about a potential government default, one controversial option remains off the table: raising the debt ceiling by invoking the 14th Amendment.
In the commentary, Doug Kendall and Tom Donnelly from the Constitutional Accountability Center say with both the legal left and the legal right fully engaged, the battle over the Constitution’s original meaning will be one of this term’s biggest stories in the new Supreme Court term.
Steven L. Schwarcz from Duke Law examines the consequences, both economic and legal, of a “technical” U.S. debt default, and why such a default today would be devastating.