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1 EPR-radar  Mon, Jan 14, 2013 3:18:25pm

I remain a fan of the direct approach —- Congress has mandated spending and taxation that is inconsistent with the debt ceiling.

If Congress passes inconsistent laws, then the Executive gets to choose which to follow.

Thus, in my view, it would be perfectly legitimate for the Obama administration to view the debt ceiling as being null and void. Especially given the stupid debt ceiling pet tricks the House Republicans are up to.

Naturally, this sensible approach does not appear to be under consideration in DC.

2 [deleted]  Mon, Jan 14, 2013 3:45:26pm
3 Randall Gross  Mon, Jan 14, 2013 4:33:30pm

This has come into play before, and in all past cases treasury has said it must operate FIFO & that anything else would be illegal. For congress to make such a bill legal, it would have to pass the Senate, go to conference, and then get signed. Toomey’s fantasizing if he’s thinking he can make that happen, it’s as unrealistic as the platinum coin bs.

4 CuriousLurker  Mon, Jan 14, 2013 6:12:41pm

re: #2 cilento

I want to know why you feature all of these asshat people on this site. You will never change the mind of their supporters, all you do is give them a pulpit that they can use on their sites. Can it be you are one of them in disguse?

Piss off, troll. I wonder which asshat’s sock you are—no matter, you’ll probably be gone soon.

5 Obdicut  Mon, Jan 14, 2013 6:23:36pm

re: #2 cilento

Curses, you’ve discovered the secret.

6 Interesting Times  Mon, Jan 14, 2013 6:26:20pm

re: #4 CuriousLurker

Piss off, troll. I wonder which asshat’s sock you are—no matter, you’ll probably be gone soon.

Bwahaha, sure enough, the comment was deleted literally seconds after I read it :P

7 aagcobb  Mon, Jan 14, 2013 8:54:13pm

As I said on another thread about the debt ceiling, while there are Tea Party Congressmen who would welcome the chaos, Boehner and McConnell both know triggering a depression would end the GOP. There will be a last minute deal, as there was with the fiscal cliff. The only question is how much turmoil and damage to the economy will they inflict by flirting with default until the last possible moment.

8 stabby  Tue, Jan 15, 2013 2:23:06am

Prioritization may be illegal.

They mentioned on the radio that the Treasury Dept said last time that it lacked the authority to pay in any manner other than First In First Out.

[Link: www.law.harvard.edu…]

Bad news folks.


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 Frank says:

Remember there's a big difference between kneeling down and bending over.