30 Jun '11 23:09>
US Constitution, 14 Amendment, 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. 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.
(Emphasis supplied)
Legal scholar Garrett Epps, apparently "strictly construing" the Constitution has stated: "It's not hard to argue that the Constitution places both payments on the debt and payments owed to groups like Social Security recipients ... above the vagaries of Congressional politics."
http://money.cnn.com/2011/06/30/news/economy/debt_ceiling_constitution/
Interesting point of view. Does the language mean what it says i.e. that obligations incurred pursuant to law MUST be paid? Is a debt limit that purports to make payment of obligations optional on Congressional authorization of borrowing a violation of the Constitution? If not, what does the language mean?
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.
(Emphasis supplied)
Legal scholar Garrett Epps, apparently "strictly construing" the Constitution has stated: "It's not hard to argue that the Constitution places both payments on the debt and payments owed to groups like Social Security recipients ... above the vagaries of Congressional politics."
http://money.cnn.com/2011/06/30/news/economy/debt_ceiling_constitution/
Interesting point of view. Does the language mean what it says i.e. that obligations incurred pursuant to law MUST be paid? Is a debt limit that purports to make payment of obligations optional on Congressional authorization of borrowing a violation of the Constitution? If not, what does the language mean?