"The “statutory rule” of the debt-limit law should yield to the combination of the 14th Amendment, the “take care” clause of Article II, and the many properly enacted laws that cannot be carried out without further borrowing. Moreover, I think it unlikely that the Supreme Court, i.e., Justice Kennedy, would force the United States into default and the world economy into a replay of the Great Depression simply to satisfy Grover Norquist and the Tea, i.e., Republican, Party."
7/25/11
Cogent summary of the Constitutional option for dealing with default
Hendrik Hertzberg: Obama Blinks : The New Yorker:
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