Debt Ceiling.

[dogwalker]

What should be more important than lost pieces of paper few people care about, and that may not have implications for years, if ever, is the debt ceiling.  That is something, that if not increased, could affect almost everyone in some way.  Government payments could be reduced or suspended.  Parts of government could be reduced or closed.  Stock market could tank.  That I care about.

[HighStepper]

Topic split from Biden Classified Documents.


Debt Ceiling / Debt Limit:
The debt limit is the total amount of money that the United States government is authorized to borrow to meet its existing legal obligations, including Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and other payments.

The debt limit does not authorize new spending commitments. It simply allows the government to finance existing legal obligations that Congresses and presidents of both parties have made in the past.
Link

[Danno]

 Debt Ceiling and Budget deficit are 2 different things. The Budget Deficit in 2022 was $1.40 Trillion less than 2021. Heading the right direction. So when you hear McCarthy talk, he has the 2 things backwards. To misled you into thinking that Biden hasn't been reducing spending all along.
 With the new tax the rich income, chip manufacturing at full steam, we can finally recover from Trump stupid Tariffs.

[bats]

An interesting piece in the New York Times the other day argued that the debt limit is an unconstitutional use of congressional authority. Specifically, the author referred to the public debt clause of the 14th Amendment, which provides that "[t]he validity of the public debt of the United States...shall not be questioned."

The author noted one contemporary view holding that the public debt clause covers any action that creates "substantial doubt" about the validity of U.S. debt and the government's ability to meet its financial obligations.

Thus, the argument goes, Biden should take the position that the debt limit is unconstitutional under the 14th Amendment, and that Congress can't prevent the White House from faithfully executing the law and borrowing money to cover the nation's debts.

I'm not holding my breath, but it would be nice to see a president stand up to some of the obstructionist behavior of modern Republicans.
https://www.nytimes.com/2023/01/20/opinion/debt-limit-congress-biden-mccarthy.html

[HighStepper]

The link to The New York Times article requires a subscription to read it.

The Debt Limit and the Constitution: How the Fourteenth Amendment Forbids Fiscal Obstructionis
https://dlj.law.duke.edu/article/the-debt-limit-and-the-constitution-how-the-fourteenth-amendment-forbids-fiscal-obstructionism/