Is the debt ceiling really unconstitutional? - Jun. 30, 2011
NEW YORK (CNNMoney) — Amid fears the United States risks default if lawmakers don’t raise the debt ceiling on time, some are suggesting President Obama could save the day by big-footing Congress.
How? By invoking the Constitution and directing Treasury Secretary Tim Geithner to keep borrowing even if it means going past the statutory borrowing limit.
Really? They say default — and by extension, the debt limit — violates the 14th Amendment.
The amendment states: “The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.”
