14th amendment states The validity of the public debt of the United States shall not be questioned Obama warns against US debt default

Remember: Democrats Push Offshore Corporate Tax Changes in U.S. Debt-Reduction Bill Go for it, it is the right thing to do.

Is the debt ceiling unconstitutional? Short answer, Yes!

Tim Geithner: 14th Amendment Says Debt 'Shall Not Be Questioned'

The text of the 14th Amendment reads as follows:

Section 1. All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the state wherein they reside. No state shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States; nor shall any state deprive any person of life, liberty, or property, without due process of law; nor deny to any person within its jurisdiction the equal protection of the laws.
Section 2. Representatives shall be apportioned among the several states according to their respective numbers, counting the whole number of persons in each state, excluding Indians not taxed. But when the right to vote at any election for the choice of electors for President and Vice President of the United States, Representatives in Congress, the executive and judicial officers of a state, or the members of the legislature thereof, is denied to any of the male inhabitants of such state, being twenty-one years of age, and citizens of the United States, or in any way abridged, except for participation in rebellion, or other crime, the basis of representation therein shall be reduced in the proportion which the number of such male citizens shall bear to the whole number of male citizens twenty-one years of age in such state.

Section 3. No person shall be a Senator or Representative in Congress, or elector of President and Vice President, or hold any office, civil or military, under the United States, or under any state, who, having previously taken an oath, as a member of Congress, or as an officer of the United States, or as a member of any state legislature, or as an executive or judicial officer of any state, to support the Constitution of the United States, shall have engaged in insurrection or rebellion against the same, or given aid or comfort to the enemies thereof. But Congress may by a vote of two-thirds of each House, remove such disability.

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. But neither the United States nor any state shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.

Section 5. The Congress shall have power to enforce, by appropriate legislation, the provisions of this article. Fourteenth Amendment to the United States Constitution

If I understand this the Constitution trumps any other law like the debt ceiling.

The debt ceiling raise is needed not for new spending but that that has been already authorized by Congress, ie by law and thus the President has 2 duties:
1) Uphold all laws that have been passed
2) The debt has already been committed to over many years so it is valid and "shall not be questioned.

That makes using the 14th a no brainer.

The Presidential oath also requires the President to protect and defend the Constitution. If he does not follow it as laid out above one could argue you could impeach him as well.

In fact all members of Congress took a similar oath so their inaction to provide the debt ceiling action needed to fund the laws passed by them could be deemed a violation of their oath of office subjecting Boehner in particular to impeachment. Right?

The other issue here is that failure to protect the nation's financial system from a meltdown is akin to "war" and the President again is bound to protect the nation as well. Keeping the nation from falling into a deeper recession, higher borrowing costs, higher deficits due to a double dip and the world losing faith in the US as a reserve currency makes his inaction on the 14th impeachable to me.

Failure to act has been estimated to cost the US $50B minimum directly for even a few day default due to increased debt rollover costs and as much as a trillion over a decade not to mention higher borrowing costs for consumers and business as well.


If he needs to he will act and get the job done as he should, no doubt about it.



James Joiner
Gardner, Ma
http://anaverageamericanpatriot.blogspot.com

No double Standard Between auto and Financial Executives, Prove it!

Obama has been taking some heat as you know for saving banks while they took huge bonuses and abused American taxes and good intentions! After dumping GM's Wagoner as he should have he better get to work in the financial sector. That was infuriating but the firing of GM's CEO Wagoner while deemed necessary ticked the people off citing duplicity, double standards.

We are led to believe Obama and Geithner will come down on Financial CEO's if necessary. transcript of Geithner, I have and will fire more financial CEO's

Obama has said that he will get tough on Wall street. He also warned wall street that the only thing between the executives and the pitchforks was him. You have to believe that Getting rid of a couple Wall Street CEO's will do a world of good for both the markets and public sentiment. From one commenter: For instance guys like Ken Lewis and Vikram Pandit have absolutely zero credibility with the market (and granted Pandit came aboard after the problems happened).

Getting rid of them would boost confidence in those two banks which are arguably the weakest on the street and therefore help boost confidence in all of the banks. It would also boost sentiment with the pubic since right now the impression is that Wall Street dictates its own terms and feels entitled to everything including millions of dollars in personal take-home pay funded by taxpayers after the banks have devastated the economy with their irresponsible but self-enriching bets.

The biggest boost I think would come from taking a hammer to Goldman Sachs which has been one of the biggest recipients of taxpayer bailouts (through AIG) yet seems to avoid any real scrutiny and continues to get what it wants given their connections in the government. If Geithner and Obama really want to prove they are in charge and not just patsies for Goldman Sachs and the rest of Wall Street they need to take the actions any executive would take - get rid of the waste.

We are told by Geithner he will do what he has too to protect our money but many of us believe it to be a lie Now I read the story at the link and it is more than believable! I'm sick of being played for a fool. Economic Professor William Blackan ex Bank regulator and former savings and loan prosecutor says Geithner's bank stress test is a sham. It is designed to fool the public and once again we are playing the fools! I figured that like many of you did anyway. Blackan paints a believable picture though and says Geithner believes that if he lies convincingly we will believe him and all will be well.
it's a sham and rising stocks show bad news

My word: I do not like being lied to or this feeling of helplessness. I guess I just have to place my faith with Obama. In this instance I do not like it! I hope the saving grace once again is we have a President again who wants to do the right thing for average Americans. Unlike Bush who said he would rather listen to his dog Obama is listening to us. He is listening to the world as you know.

Back from his successful first world tour his European vacation, he set the correct example with GM I now want to see him focus on revamping Wall street as it should be if he really wants to help us not capitalism. Obama said he wants to see GM survive but there will be some important changes. Okay, they are needed! However I also want to see big changes at A.I.G. also known as America's Insurance Giant. I want to see changes on Wall street because they are needed too. Myself I feel Capitalism is being protected at our expense and I am sure hoping Obama is looking out for us. Ally my concerns President Obama!

James Joiner
Gardner, Ma
www.anaveragepatriot.com