From Last Night: 'Rep. Hoyer Endorses 14th Amendment Option As A Last-Resort Solution' - TheHill

[WillyT]

Rep. Hoyer endorses 14th Amendment option as a last-resort solution
By Mike Lillis - TheHill
07/28/11 10:52 PM ET

<snip>

President Obama should invoke the 14th Amendment to hike the debt ceiling unilaterally as a last resort to prevent a government default, House Minority Whip Steny Hoyer (D-Md.) said Thursday.

"It's arguably his power to do so," Hoyer told MSNBC. "Very frankly, if it came down to his looking default in the eye on Tuesday or taking this action, as President Clinton said, better to take the action and find out later that perhaps he went beyond his authority but at least protected the credibility of the United States of America," he said.

The remarks align Hoyer with a number of other House Democratic leaders, who are urging Obama to invoke the Constitution to prevent a government default if Congress fails to raise the debt limit before an Aug. 2 deadline.

"The Republicans, through their failure, have given you license to do whatever it takes to not let the American family go down into abyss," Rep. Xavier Becerra (Calif.), vice chairman of the Democratic Caucus, said Wednesday.

Obama has so far rejected the advice.

<snip>

More: http://thehill.com/homenews/house/174283-hoyer-endorses-14th-amendment-as-last-resort

:shrug:

[Thurifer]

1. Possibly illegal bonds

The question is: Where are you going to find investors who are willing to buy potentially illegal (and therefore worthless) bonds? And what kind of interest rate are they going to demand if you do find them?