Treasury: We Will Unveil Our Secret Plan To Prioritize Payments Before August 2nd

[Donnachaidh]

http://www.businessinsider.com/treasury-we-will-unveil-our-secret-plan-to-prioritize-payments-before-august-2nd-2011-7

Earlier White House Press Secretary Jay Carney said the government would be releasing plans for what happens after August 2nd if the debt limit isn't raised. Now the Treasury Department confirms.

Deputy Assistant Secretary for Public Affairs Anthony Coley said the department would release its plans for what bills would be paid in the coming days.

"As we get closer to August 2nd, Treasury will indeed provide more information on how we would operate without normal borrowing authority if the debt ceiling isn't raised," he told Business Insider.

Read more: http://www.businessinsider.com/treasury-we-will-unveil-our-secret-plan-to-prioritize-payments-before-august-2nd-2011-7#ixzz1TPfWMAfL

[gateley]

1. So should I interpret this to mean:

1) They aren't planning on signing a bill like the one Boehner will be presenting today?

2) No 14th amendment action?

[William769]

2. As someone on Social Security I don't want a fucking secret plan!

Just tell me Right fucking now If I am going to be able to pay my bills or not.

[MadHound]

3. The president needs to be releasing plans to use the 14th Amendment option

Since that is what it's probably going to come down to. In fact one could make a good argument that he is bound by the Constitution to raise the debt ceiling.
"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."

Prioritizing payments is going to screw a lot of people.

[FarCenter]

8. The 14th means that debt cannot be defaulted.

So as money comes in, interest and principal on the debt will be first priority.

One opinion I've heard is that the rest of the payments cannot be legally prioritized. So other payments will be made in the order that they are due, but delayed until money is available to make them.

[GillesDeleuze]

10. Im not sure thats accurate

The 14th says debt cannot be legislatively erased. In other words, we can't legislate away our bond obligations. It says nothing about a temporary default.

Check out this court case: Perry V. United States, 294 U. S. 330 (1935)

Its complicated, but id love to hear from some experts

[FarCenter]

13. Read the text

"Section 4. 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. "

Not paying the due interest or principal would seem to be contrary to the text "shall not be questioned".

On the other hand, payments due, such as salaries, pension payments, etc., are not "public debt".

So I think that Obama's hands are tied. The interest and principal on the public debt must be paid. Due bills are paid to the extent possible out of what is left over.

[RT Atlanta]

4. War spending = yes; social net spending = no

My subject line represents my best, and frustrated, speculation as to how the "beast" will continue to be fed.

[doc03]

5. I think the number one thing they should cut is SS for

the current recipients. Just watch how fast the Teabaggers change their tune. Oh before you flame me I get SS myself. The point I am trying to make is from what I have seen most of the Teabaggers are on SS but are in favor of cutting SS only for those under 55 years old not themselves.

[piratefish08]

6. lemme guess.

bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs

congressman's salaries

congressman's healthcare

bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs bombs

ahhhhhhh fuck


we're broke.

[Solomon]

7. LOL

[katnapped]

9. Priorities, people!

There's scary brown people out there and you're worried about whether you're gonna eat?

The US Government isn't Ponies R Us!!!!

:sarcasm:

[pampango]

11. One flaw with releasing a 14th Amendment solution now is that it would short-circuit repub/teabagger

in fighting.

The circular firing squad that the repubs have going on now will end the minute that Obama announces a plan to invoke the 14th Amendment and remove the need for any congressional action. Repubs and teabaggers will then turn on a dime and begin focusing their attacks solely on the "big spending liberal".

Obama may indeed need to invoke the 14th Amendment to prevent serious harm to the economy, if congress proves incapable of producing an acceptable solution. If he does I hope he waits to the last minute in order to give conservatives as much time as possible to shoot themselves in the foot and show Americans how irresponsible and unpatriotic they are.

[spinbaby]

12. Timing is everything

The perfect moment would be sometime after the Pubs make total asses of themselves but before the financial markets panic.

[lsewpershad]

14. The first

who should not be paid...corgress critters.