“They took the vacation, they bought the car and now they’re saying we’re not going to pay for it” - Barack Obama, referring to Congress, June 29, 2011
Amendment XIV, Constitution of the United States of America
The 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. But neither the United States nor any state shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.
It seems to me dubious that the debt limit is legal. If the Congress has passed a law and authorized an expense and revenue is in shortfall, doesn't the Executive have the power to borrow the money necessary to pay the bills and execute the laws?
