10/9/13

Barack Obama has power to avoid debt default by invoking 14th Amendment - The Economic Times
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BarackObamahaspowertoavoiddebt defaultbyinvoking14thAmendment
ByNewYorkTimes|9Oct,2013,12.09PMIST
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PRINCETON:TheRepublicansinthe FoodBiz:RacetobeNo1 StunningPictures:LuxuryonWheels HouseofRepresentativeswhodeclarethat theymayrefusetoraisethedebtlimit threatentodomorethanplungethe governmentintodefault.Theyare proposingablatantviolationofthe14th Amendment,whichstatesthat"thevalidity ofthepublicdebtoftheUnitedStates, authorizedbylaw"issacrosanctand"shall notbequestioned."

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HouseRepublicansthreateningtorefusetoraisethedebt ceilingthatis,forcearepudiationofdebtsalreadyaccrued wouldviolatethatfundamentalprincipleoftheConstitution.

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SpriteisNo1,topplesThums Newluxuryomnibusesgive TaxofficialshelpedNiira Upafterthreedecades airlinesarunfortheirmoney dodgecroresintaxes:C YettheObamaadministrationhasrepeatedlysuppressedanytalkofinvokingthe

RameshChauhan,themanwhocreated notcontenttostopatastraightdrive, ThisjawdroppingchargebyCBI Constitutioninthisemergency.LastThursdayJayCarney,theWhiteHousepress

ThumsUpin1977andsoldhisbizto superiorsuspension,ACanddrapes, basisofscrutinyofjust18,000of secretary,said,"Wedonotbelievethatthe14thAmendmentprovidesthatauthoritytothe CocaColain1993,saysit'salldowntothe busestodayofferahostofluxuryfeatures callsofRadia,ispartofaclassifie president"toendthecrisis.TreasurySecretaryJacobJ.Lewreiteratedthepointon palateandclevercampaigns. thatactuallyrivalaircrafttravel. submittedtothecourt. MotherDairyentersNorthEast launchesicecreamsinGuwahati own. ParleAgroreturnstofizzaftertwenty yearswithacoffeerush skin? Howtobuyanalmostnewluxuryride reallycheap

Sundayandaddedthatthepresidentwouldhave"nooption"topreventadefaultonhis NissanTerrano:RenaultDusterinanew QuestionatMicrosoftcampus:

Indefenseoftheadministration'sposition,thelegalscholarLaurenceH.Tribe,whotaught PresidentObamaatHarvardLawSchool,hasinsisted,asheputittwoyearsago,that "onlypoliticalcourageandcompromise"canavertdisaster. Theseassertions,however,havenobasisinthehistoryofthe14thAmendmentindeed, theydistortthathistory,andindoingsoshacklethepresident.Infact,thatrecordclearly showsthatCongressintendedtheamendmenttopreventpreciselytheabusesthatthe currentHouseRepublicansblithelycondone. Congresspassedthe14thAmendmentandsentittothestatesforratificationinJune 1866.Itssectiononthepublicdebtbeganasanefforttoensurethatthegovernment wouldnotbeliablefordebtsaccruedbythedefeatedConfederacy,butalsotoensurethat itsowndebtwouldbehonored. ThatwasimportantbecauseconservativeNorthernDemocrats,manyofwhomhad sympathizedwiththeConfederacy,wereinapositiontoobstructordenyrepaymenton thefullvalueofthepublicdebtbypayingcreditorsindepreciatedpapermoney,or "greenbacks."Thiseffectiverepudiationofobligationsalreadyaccruedto,amongothers, hundredsofthousandsofUnionpensionersandwidows,aswellasinvestorswould destroyconfidenceinthegovernmentandendangertheeconomy.

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10/9/13

Barack Obama has power to avoid debt default by invoking 14th Amendment - The Economic Times

AsthewordingoftheamendmentevolvedduringtheCongressionaldebate,theprinciple ofthedebt'sinviolabilitybecameageneralproposition,applicablenotjusttotheCivilWar debtbuttoallfutureaccrueddebtsoftheUnitedStates.TheRepublicanSenateleader, BenjaminF.WadeofOhio,declaredthatbyplacingthedebt"undertheguardianshipof theConstitution,"investorswouldbesparedfrombeing"subjecttothevaryingmajorities whichmayariseinCongress." Twoyearslater,onthevergeoftheamendment'sratification,itschampionsinsidethe RepublicanPartymadetheirintentionsabsolutelyclear,proclaimingintheir1868party platformthat"nationalhonorrequiresthepaymentofthepublicindebtednessinthe utmostgoodfaithtoallcreditorsathomeandabroad,"andpronouncinganyrepudiationof thedebt"anationalcrime." Morethanthreegenerationslater,in1935,ChiefJusticeCharlesEvansHughes,rulingin thecaseofPerryv.theUnitedStates,revisitedtheamendmentandaffirmedthe "fundamentalprinciple"thatCongressmaynot"alterordestroy"debtsalreadyincurred.

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Barack Obama has power to avoid debt default by invoking 14th Amendment - The Economic Times
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Thoughtprovokingarticle.AsIunderstanditfromthisOped,however,the14th Amendment,whileadmonishingthat"thevalidityofthepublicdebtoftheUnitedStates, authorizedbylaw"issacrosanctand"shallnotbequestioned,"isneverthelesssilenton theexplicitsubjectofraisingadebtceiling.Letmeplaydevil'sadvocatehereandsay theRepublicanscanjustaseasilyclaimthattheydon't"repudiateexistingUSdebt"at allonthecontrary,itisthePresidentandtheDemocratswhodon'ttaketheUS's nationaldebtobligationsseriously,andseektorepayexistingdebtmerelybyraising MOREdebtWITHOUTREDUCINGSPENDING"kickingthecan"asitwere.The"good faithobligation"ofexistingdebtisnotexplicitlybeingunderminedbytheGOPthrough theirrefusaltoraisethedebtceilingwithouta"seriousconversation"withthePresident abouttheACAandputativeprofligatespending.ItisthislinkthatProfessorWilentz seekstomakebetweenthe"validityofthepublicdebt"ontheonehandandthedebt ceilingontheother,thatappearstenuousandopentolegalchallengeintheUS SupremeCourtshouldObamaunilaterallyraiseit.Thenationaldebtandthedebtceiling aretwoseparateanddistinctsubjects,andwhiletheUSConstitutiondoesreiteratethe "validity"ofthenationaldebt,itisneverthelesssilentonthesubjectofadebtceilingthe SCOTUSmaywellaskifandhowrefusingtoraiseadebtceilingexplicitly"repudiates existingdebt".

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ABRARKAZI (Unknown) 7Followers 1Hourago Gold:7409

ItseemsIndiansareworriedaboutUScreditdefaultmorethanUSitself.

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Biplop (NewDelhi) 33Followers 1Hourago Gold:12K

AnamendmentshouldbringtoavoidsuchsituationsinfutureorfileaPIL.

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Obamahasthepowerto avoidadebtdefault
TheRepublicansareproposingaviolationof the14thAmendment,whichstatesthatthe validityofthepublicdebtoftheUS, authorizedbylawissacrosanct. Shouldairfaressoar sohigh,CCI? KFAdefault: MakeMyTrip,Yatra, IRCTCbearthebrunt

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Barack Obama has power to avoid debt default by invoking 14th Amendment - The Economic Times

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