- Obama Considers Ignoring The Debt Limit

From The Washington Examiner:

This morning we speculated that Treasury Secretary Tim Geithner was seriously considering just ignoring the statutory debt limit by claiming it was superseded by section Four of the 14th amendment. Sen. Chuck Schumer, D-N.Y., confirmed that that course of action has been considered by the White House. Talking Points Memo‘s Brian Beutler reports on a conference call with Schumer today:

I asked Schumer, a lawyer, whether, in his view, the administration had the power to continue issuing new debt even if Congress fails to raise the debt limit. He acknowledged that the question’s been discussed, but said the White House probably shouldn’t go there just yet.


I'm shocked... SHOCKED to find that gambling is going on in here.

Seems to me I'd heard someone mention this before. (granted - how you manage the accounting has a lot to do with whether you're actually at the debt limit or not. And I didn't realize Treasury would rob the federal pension system to pay Paul. But the principle, that they would simply ignore the rule, was definitely discussed back on May 15th.

Democrats - so predictable. But I'm sure that if you asked them they would tell you that...(say it with me brothers) "it will be different this time".