For once, Italians are not alone happily dancing on the brink of disaster. Americans are, too. David “TBone” Gallagher tweeted this great article on Salon.com:

[…] House Republicans are doing their absolute best to demonstrated that they are incapable of supporting any kind of compromise deal acceptable to both parties. They are effectively declaring themselves incapable of governing.

The longer they play this game, the more political cover President Obama gets for truly dramatic action, such as declaring the debt ceiling unconstitutional under the grounds of the 14th Amendment, or simple “necessities of state.” If the House can’t pass the speaker’s own bill, with the entire nation (and the world) watching, with Wall Street on edge, and most amazingly of all, already having secured a deal that includes significant spending cuts without any revenue increases, House Republicans will be exposed as both irresponsible and incompetent. […]

Now get this. If President Obama can get enough “political cover” (i.e. the GOP bickering long enough among themselves over an alternative debt-ceiling bill) he simply declares the whole thing uncostitutional under the 14th amendment, which I of course immediately checked and found to say:

[…] Section. 4. 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.

Don’t you love America for this? The foundation for the credibility of their sovereign debt is in the frickin’ Constitution !


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