Bill Clinton embraces the constitutional option on debt limit

[FreakinDJ]

Bill Clinton embraces the constitutional option on debt limit

Add Bill Clinton to the list of people who want Obama to declare the debt limit unconstitutional if Congress does not raise it in time.

There’s still time for the McConnell-Reid negotiations to produce a deal that could pass in time to avoid that, and given the administration’s clear desire to get a lot of deficit reduction passed as part of this process, that is clearly their first choice. But it is worth emphasizing again that the “14th amendment option” is the best of a number of bad options should that not come to pass. One alternative is for the Treasury to start prioritizing payments, which is a logistical nightmare that would very quickly shut down large parts of the government; $134 billion would have to be cut in August alone. By comparison, Doug Elmendorf, director of the Congressional Budget Office, has said a cut of $100 billion from the 2012 budget could significantly hurt GDP growth.

And then, at some point, we would default and bear all the terrible consequences of that, which Ezra lays out here. Obama is temperamentally unsuited to dramatic actions like ignoring an entire federal law, but there comes a point where he has to embrace an ethic of responsibility and realize that the consequences of the alternative are too grave to accept. It would would upset Congress and would get the courts involved— impeachment hearings could even be called. But the economic recovery wouldn’t be completely derailed, and the U.S. would not default on its debts. That sounds like a fair trade.

http://www.washingtonpost.com/blogs/ezra-klein/post/bill-clinton-embraces-the-constitutional-option/2011/07/19/gIQAy7xnNI_blog.html

[LaydeeBug]

1. They said the 14th amendment would not work. nt

.

[FreakinDJ]

2. they shouldn't listen to FUX News

[Jack Sprat]

6. They were wrong in the short-term

It's like Clinton said yesterday, Obama should make the republiCons take him through the courts on this. Meanwhile, public opinion will continue to turn solidly against the teabaggers holding the nation hostage.

[FreakinDJ]

7. Your absolutely right about public opinion turning on TeaFarty

[Igel]

8. Don't confuse "would not work" with "would not be Constitutional."

They're different things.

Short term it might help the economy, but I rather suspect that having the President ride roughshod over the Constitution would create a few economic problems all by itself. If not, Congress would almost certainly redo how they write bills, and *that* would create economic problems of its own.

Obama implements it, sure, checks go out on 8/3, along with a few balances. But then you'll see a Constitutional scuffle the likes of which hasn't been seen for a long, long time.

[Jack Sprat]

11. Really?

Where was the constitutional scuffle over torture, illegal wiretapping and eavesdropping on private citizens, and invading a sovereign country w/o provocation during the reign of Lil'Boots?

Why does the constitution just seem like an unused historical document when Lil'Boots stomped on it for 8 years, but now it's in vogue again. Where was the constitutional scuffle when we won the House in 2006 and again in 2008 up until 2010. They ran roughshod over the constitution and we stood mute and stone-faced.

[Jack Sprat]

3. Not only that, but the people on Main St

are getting riled by the extent of this gridlock and 80% want some compromise. The repubics aren't offering any and they know that.

The people are know the economy is slow enough as is. Most will blame the republics in the national elections in the coming year. Obama should be on the strong side of the tug of war. He's acting like he's the underdog and he's not.

[FreakinDJ]

5. Cut Cap & Balance is a Side Show and everyone knows it

And never in no way would it or should it become law

TeaFarty just trying to fill the news cycle

[Faryn Balyncd]

4. K and R

[yellerpup]

9. I think he's right.

Obama will be forced to do the right thing. We the People are paying for Representation in Washington but instead we're endured an extended frat-house party since the last election. We made B. Obama our President and trusted him to use the power we invest in him with our votes. He can't let us go bust on his watch. Congress have a deadline and he has only one option. Call curtain on this show. After that, a new show will open for an extended run. It's all about jobs. Jobs.

[The Big Vetolski]

10. The investor class starts to panic, so they send their errand boy

Bill Clinton out with how their interests can be preserved. A debt default would hurt them a LOT more than it would hurt the vast majority of Americans. Guess they're afraid the real progressives and the Tea Party may actually combine to stop the rapacious debt limit "deal" that would allow them to rape social security and Medicare; so they have a fall back position: The debt ceiling is unconstitutional!

The ironic thing about that is that it's true, the debt ceiling IS unconstitutional.