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My understanding was that there were legal and technical barriers to prioritizing payments. I wouldn't count on this happening, if it requires new law to be pas
by alex-g 13y ago
My understanding was that there were legal and technical barriers to prioritizing payments. I wouldn't count on this happening, if it requires new law to be passed or ancient computer systems to be overhauled within the next week or so.
- JumpCrisscross 13y agoThe bet is that the chief executive would be compelled by a looming default to stretch the law. Naturally, stretching the law does nothing for developers' timelines.
- marcamillion 13y agoHrmmm...this is interesting. I wonder if there are "emergency powers" that the Executive branch can invoke (kind of like - "we are under attack" type powers) that would allow them to go around Congress and just ignore the debt limit. I can't imagine the US defaulting on it's debts....but then again....you never know.
- dllthomas 13y agoIf the debt limit means questioning our obligations, it is an unconstitutional law and the President shouldn't be following it. Of course, that's only if the alternatives are equally illegal.
- nerfhammer 13y agohttp://en.wikipedia.org/wiki/Trillion_dollar_coin http://en.wikipedia.org/wiki/Trillion_dollar_coin
- ohazi 13y agoFourteenth Amendment, section 4. http://www.nytimes.com/2013/10/08/opinion/obamas-options.html http://www.nytimes.com/2013/10/08/opinion/obamas-options.htm...
- joelhaus 13y agoThe trouble is that any scenario that would require invoking the 14th amendment, et. al. would already be sending shock waves through financial markets and economies around the world... effectively, putting a big question mark next our political will and the full faith and credit of the government... ironically, this would also blow a massive hole in the budget. The fallout would be epic.