Perhaps the best way to look at the possibility of President Obama using the 14th amendment to declare the debt ceiling unconstitutional, is not to wonder if Obama has the will to use it, but question whether he has the resolve it would take not use it.

I’m skeptical that July 22nd is really any more of a fiscal drop dead date for the deal than say the 24th or 27th. Legislation could be drafted very quicker if need be and the Treasury probably has several short term tricks it could deploy if all that is really needed is a few extra days to put an agreed deal into legislative language.

The word debt means simply to owe something, its definition is not just limited to official financial products such as bonds. Thinking the word debt only refers to financial products is what I believe is the core mistake with Kevin Drum‘s argument that the debt ceiling vote could be constitutional. Maybe I’m missing something here, [...]