Posted on | July 31, 2011 | 5 Comments
Submitted on 2011/07/31 at 10:03am
14th Amendment “4. The validity of the public debt of the United States, authorized by law,… shall not be questioned.”
Ok, so our debt is valid. So what?
The debt limit currently authorized by law is all the debt the United States is allowed to incur, and no more. The US has an authorized credit card limit and we’ve reached that limit. No more borrowing is allowed, and neither Obama, nor anyone else, is allowed to walk away from the debt. So, what this means, is that there is no legal possibility of default. Obama must continue to use revenues to service the debt. Obama and the mass media need to stop scaring people about a possible default on the debt. That is not a choice available to Obama.
“Authorized by Law” means authorized by the Congress. Obama cannot unilaterally make new debt obligations on behalf of the United States.
|Redacted FOIA Taitz v Ruemmler (White House counsel) was submitted to the US District Court for the district of Columbia