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Nancy Pelosi calls on Obama to invoke 14th Amendment
Unwilling to be the victim of yet another fake hostage crisis, some Congressional Democrats have already begun pushing for a unilateral solution to the debt ceiling.
On Friday, House Minority Leader Nancy Pelosi reaffirmed her position that President Obama should simply invoke the 14th Amendment to declare the debt ceiling unconstitutional. From The Hill:
The California Democrat said that, given the opportunity if she were president, she would not hesitate to invoke the 14th Amendment in order to hike the debt ceiling without congressional support — a move the Obama administration has rejected outright.
“I’ve made my view very clear on that subject: I would do it in a second,” Pelosi said Friday during her weekly press briefing in the Capitol. “But I’m not the president of the United States.”
Earlier in the week, Rep. Jerrold Nadler (D-NY) came out in favor of a slightly different solution that would also allow the President to unilaterally deal with the debt limit. In an interview with Capital New York Nadler endorsed minting a trillion dollar platinum coin. From Capital New York:
“There is specific statutory authority that says that the Federal Reserve can mint any non-gold or -silver coin in any denomination, so all you do is you tell the Federal Reserve to make a platinum coin for one trillion dollars, and then you deposit it in the Treasury account, and you pay your bills,” Nadler said in a telephone interview this afternoon.
I asked whether he was serious.
“I’m being absolutely serious,” he said. “It sounds silly but it’s absolutely legal. And it would normally not be proper to consider such a thing, except when you’re faced with blackmail to destroy the country’s economy, you have to consider things.”
It is understandable why Congressional Democrats are already taking up unilateral solutions. Unless Obama adopts one of them, or at least threatens to possibly adopt one, the only way Democrats can “win” the debt ceiling fight is to hope Obama simply shows more resolve than Congressional Republicans.
Given Obama’s behavior in past negotiations, I imagine few Congressional Democrats want to rely on that.
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These dims are setting the stage to o can go to the repugs with some threat and then get all ‘bipartiany’ so they can work out a deal that shows that the repugs are actually running the govt as far as o is concerned.
It is not necessary to actually print a $1 trillion platinum coin in order for this coin to have some of its intended effect on how Congress addresses the deficit. The mere discussion of such a coin, which has been very high profile in the last few days, brings the precepts of Modern Monetary Theory into the public eye and affects Congressional action. (Basically, the $1 trillion coin has become a hologram or a spectral image. You can see it in three-dimensional form as if it is real but since it has never been minted you can’t touch it!)
he does have a reputation doesn’t he
I would like to see Obama take one of these two actions. I also want a pony. Nuh gunna happen…
Nadler also spoke extensively about the Trillion Dollar Coin on UP with Chris Hayes.
…
… …
… … … ka-frickin-buki and nothing but.
I can haz a pony, too?
I blieve that if the situation were reversed the Rs would simply mint the platinum coin and damn the consequences. You know the constitution, even if you think it forbids it (which it does not), is not a mutally agreed suicide pact. But progressives and dems seem to think this could be evil, even to go so far as to say Obama should be impeached (not to worry the Rs will take care of that). Never let it be said that the good got in the way of the perfect.
So let the supremes strike it down and let them live with the consequences of default, or would you rather we just stop funding the armed forces to be sure there is enough to pay off the Koch brothers tsy bonds?
Sorry for the rant. This is just stoopid.
But then the rethugs will accuse the dems of being socialist usurpers
Oh wait . . .
If the President is going to do something about the ceiling he should just come out and say so and end the drama. The longer he hunkers down the more likely it is he will do nothing – - other than use this manufactured crisis for his own ends in cutting SSMM. “They made me do it.”
Yes, out with it, I say. The threat could be worse than the deed.
O will do what he always does. Seem to cave.
well said
Yup. One for you and one for me. And unicorns. And faeries. *rolls eyes*
Oh goody, Obummer gets another chance to be “forced” to cut Social Security and Medicare benefits.
I’m in favor of the trillion dollar coin, but mainly for the James Bond plot possibilities.
I’m afraid our system of governance is an example of “FUBAR.” Obama will be “negotiating.” Guarantee it.
I think you’re being childish.
I want a 1970 Plymouth ‘Cuda with a “Hemi” , yellow with white leather interior like Nash Bridges drove on the TV show. And maybe Scarlett Johannson to ride with me to the local Malt Shop. :-)
If you’re gponna dream, you might wanna see my #18
MIght as well as shoot high.
Obama has four options:
* capitulate
* stop paying the bills and blame the GOP
* invoke 31USC5112(k), the platinum coin option
* continue borrowing to pay the bills, thus violating a federal law 31USC3101(b) that he agreed to and signed into law.
IMHO, 31USC3101(b) would be unconstitutional except for the existence of 31USC5112(k), which is therefore the clear choice.
FUBAR is right. Wouldn’t our founding father be so proud of what we have donw with what they gave us????
Dude, I got carpal tunnel syndrome looking all that stuff up.
Why not settle this like ladies and gentlemen? A duel.
BOehner and Pelosi take fifteen steps each at the base of the Capitol and fire.Whoever is left standing wins.
Now, I k now what you’re thinking, “That ncg is anidiot.” Well, that notwithstanding, wouldn’t BOTH side be more willing to discuss and compromise if THAT were the option???
here is an interesting article from Yves Smith’s blog. It appears the top Dems might be getting sick of Obama mostly talks about Obama’s plan for cutting SS Medicare by way of the Debt limit…
http://www.nakedcapitalism.com/2013/01/eric-zuesse-understanding-president-obamas-strategy-to-force-cutting-social-security-medicare-and-medicaid.html
Krugman again on the coin.
I, for one, am against putting Krugman’s face on the coin.
Oh, sorry, I misread your post.
And he avoids any discussion of Modern Monetary Theory.
me too. He’s too damn ugly. Need a handsome fella like you.
He is only a “half way” supporter of MMT, I think.
Hooray! The betrayals are getting to some loyal supporters. But will it make a dime’s worth of difference? This is the way he rolls.
Per Krugman:
Note that the debt ceiling IS CONSTITUTIONAL, because (and only because) the coin option provides an alternative way to raise the money required to pay the Nation’s debts.
Not even half. He really dislikes the MMT folks and gets into quarrels with them fairly often. He claims to be an IS/LMist.
IS/LM is above my brain grade (tried to understand Krugman’s explanation):
http://krugman.blogs.nytimes.com/2011/10/09/is-lmentary/
Me too. I’ve tried a couple of times, both Krugman’s stuff and the Wikipedia, without a lot of success. I’m sure it’s quite simple, but the explanations are insufferably tedious.
Speaking of the $1T coin.
Ouch.
Looks like the Dems are getting antsy about mid-terms.
Obama will never declare the debt ceiling unconstitutional because then he couldn’t use it as the excuse to give in to Republican hostage takers’ demands.
Talk about kllling the goose….
I was thinking….maybe FDR??????
But you AND me know it’s gonna Ronnie.