How We Can Avoid Catastrophe If Congress Doesn't Act on the Debt Ceiling

Part 2: The "Public Debt Clause" Exists to Protect the Government From Insurrectionists

In this space yesterday I discussed the origin of the debt ceiling. Today, I discuss Article 4 of the Fourteenth Amendment, the “Public Debt Clause,” its history, and its relevance to our current moment.

The Public Debt Clause is violated when government actions create substantial doubt about the validity of the public debt, a standard that encompasses government actions that fall short of defaulting on or directly repudiating the public debt. I argue that is the situation here, as the GOP House of Representatives is holding the nation hostage in order to enact, cruel, draconian measures.

Further, I suggest that even if negotiations between Speaker Kevin McCarthy, Senator Chuck Schumer, and President Biden, are successful there are not enough votes in the House to pass a Debt Ceiling bill, as the far-right “Freedom Caucus” has said it will not negotiate the terms of its “Limit, Save, Grow Act,” as suggested by Rep Alexandria Ocasio-Cortex (D, NY).