Tuesday, March 5, 2013
Tuesday, December 11, 2012
"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..."
If the current or next Congress threatens to destroy the full faith and credit of the United States for political gain, there's a good argument for considering their actions a "rebellion." What's more, the deceit used to gain approval for the United States' unprovoked attack on Iraq, which led to a major portion of our current debt, could easily be considered "insurrection."
The way I read this, not only does the President have the right to lift the debt ceiling, but the obligation do so.