The Debt Limit, The 14th Amendment, And The GOP
In fact there is no other place in The Constitution where preference is expressed for any particular appropriation. Further, Congress is well within its powers to authorize spending without a
companion or attached revenue bill to raise the funds necessary (via
taxes, imposts and excises.) There are plenty of examples where such an
act might make sense (e.g. anticipated tax revenue that would exceed
that originally expected, an accumulated Treasury surplus, etc.) but even if there are no funds Treasury is still constrained by the debt limit unless Congress exempts it from same.
Treasury Secretary Lew has recently threatened that he will not prioritize payments of Treasury instruments and interest should there be no increase in the debt ceiling.
This act, were he to do so, would be a black-letter impeachable offense committed by both him and Obama as the chief of the Executive branch.
Karl does a great job helping you understand the LAW, something Congress, The President and the Treasury have a hard time following....Pass it forward.
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