Did you know it is illegal for our government to default on its debt. As in it is not possible according to the 14th amendment section 4. ((( link in comments )))
There have been a few polls now stating this, as well as a USA Today article last week.
I've read of this, but the whole system of laws (and the Treasury setup) is really not set up to handle the consequences from not raising the debt ceiling. It's really not clear how that should be handled.
I don't think you are right about this one. The amendment isn't about the gov. Budget or the national debt. But it does have some of the same words just not picked out in the order you put them in.
I discussed this with veritas the other day
He asked if a default would be considered a violation of the constitution.
Sadly our government does not always follow the constitution
I definitely knew that. However, according to Harvard constitutional scholars, their is no remedy in the constitution for the President if Congress refuses to do their job. Their suggestion was for President Obama to do the "least"
Unconstitutional thing and raise the debt limit and take on "Presidential debt" until Congress does it's job
Or just do the smart thing and downsize the government. Or just stop the spending.