One of the things that came out of the debacle of the Republican collapse in the debt ceiling fiasco was a fundamental shift over the power of the purse, indeed so fundamental that it is the equivalent of a rewriting of the constitution. One of the provisions in the deal and the thing President Obama was looking to get all along was removing any debt ceiling cap and that basically is what he got. The raising the debt ceiling can never be a bargaining chip again because one of the provisions of the new law is that absent congress passing a new law specifically limiting the debt debt ceiling the president can unilaterally raise it. What this means is it effectively takes 2/3s of both houses of congress to impose a limit on borrowing. Absent that the president can borrow an unlimited amount of money on the nations credit card. The way it works is if congress wants to set a limit of say $20 trillion and both houses pass it then it goes to the presidents desk for his signatur. If he vetoes it then a 2/3s majority is needed to over-ride it something nearly impossible to get. President Obama doubled the national debt in 5 years and will almost certainly quadruple it in 8 years. Those dollars you have in the bank, assuming the bank will even let you take them out will soon be worth pennies. Go figure out if the below is true and let me know.
Posted on: Thu, 17 Oct 2013 23:37:55 +0000
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