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Treasury: Sec. Geithner believes debt ceiling is binding despite 14th amendment.

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PoliticAverse Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-10-11 08:37 AM
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Treasury: Sec. Geithner believes debt ceiling is binding despite 14th amendment.

Letter from U.S Treasury General Counsel to NY Times dated July 8, 2011

http://www.treasury.gov/connect/blog/Pages/FACT-CHECK-T...

Contrary to Professor Laurence Tribes assertion (Op-Ed, July 8), Secretary Geithner has never argued that the 14th Amendment to the U.S. Constitution allows the President to disregard the statutory debt limit. As Professor Tribe notes, the Constitution explicitly places the borrowing authority with Congress, not the President.

The Secretary has cited the 14th Amendments command that he validity of the public debt of the United States shall not be questioned in support of his strong conviction that Congress has an obligation to ensure we are able to honor the obligations of the United States. Like every previous Secretary of the Treasury who has confronted the question, Secretary Geithner has always viewed the debt limit as a binding legal constraint that can only be raised by Congress.


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n2doc Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-10-11 08:54 AM
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1. Perhaps he should leave n/t
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Long Shadow Donating Member (104 posts) Send PM | Profile | Ignore Sun Jul-10-11 09:01 AM
Response to Original message
2. Evidently, he also read Article 1, Section 8...
The Congress shall have power to...borrow money on the credit of the United States.

The 14th Amendment doesn't affect this power one bit. It applies only to debt authorized by law, and only the Congress--not the president--makes law.
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Warren Stupidity Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-10-11 09:19 AM
Response to Reply #2
3. Congress already authorized the expenditures which is why the 14th
applies. The lawfully authorized expenditures have resulted in debt obligations - and the 14th requires the US to meet those obligations.
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Long Shadow Donating Member (104 posts) Send PM | Profile | Ignore Sun Jul-10-11 09:35 AM
Response to Reply #3
4. True, we are obligated to pay the the holders of T-bonds.
However, there is no budget, and the President cannot pass one on his own.
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PoliticAverse Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jul-12-11 08:51 AM
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5. Tribe responds to Treasury counsel letter...
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