It's Clear: Default on Debt is Unconstitutional

If all else fails, and DC can't agree on a formula to lift the Debt Ceiling, the U.S. Constitution will save us again.

Section Four of the 14th Amendment says that “[t]he validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.”   Seems pretty clear to me--Congress can't interfere with paying interest on the debt.

Who has standing to file suit to enforce this?  Anybody that owns Treasuries and doesn't receive scheduled interest.  When would they file suit?  If the Administration announces plans to suspend interest payments, I would think that major bondholders (mutual fund companies, rich people, maybe even the Chinese government) would apply for an injunction to keep the cash coming.  They'd probably choose a pro-business venue like the 8th Circuit Court.  The plaintiffs would win, then the appeal would be fast-tracked to the U.S. Supreme Court, where the plaintiffs would win again.

So, the government would be forced to keep sending out interest payments while stiffing Social Security recipients, U.S. Servicemen, federal employees, etc. etc. etc.

IF this highly unlikely result comes to pass, it would be loaded with irony (the most delicious taste on earth, IMHO).  The Tea Party base, mostly made up of old white folks, would be sputtering with rage.  The President would ride this "defeat" to easy re-election, as he can easily paint himself as the guy who tried to keep the SSS (Social Security Spigot) turned on.  The Supreme Court would render the Debt Ceiling null and void, permanently ending revivals of the recent silliness...and permanently prohibiting Congress from using this lever in the future (tasty, no?).  And last but not least, the People's Republic of China may defeat the U.S. House of Representatives in front of the U.S. Supreme Court (it just doesn't get any better then that!).

So Bill Long, Jeff Duncan, and the rest of you newly-elected Representatives--try reading the Constitution some time, instead of just carrying it around. Tweet