CBS “FACE THE NATION”:
Nancy Pelosi: “Well, you ask the Republicans, because we always passed the debt ceiling. When President Bush was president, as he was incurring these massive debts, and the Republicans weren’t saying ‘boo’ at the time. There should be, this is a conversation where there should be no doubt. In fact, if I were president, I’d use the 14th Amendment, which says that the debt of the United States will always be paid.”
Bob Schieffer: “You would just go ahead and do it, you wouldn’t wait for the Congress?”
Nancy Pelosi: “I would just go do it. But the Congress has incurred much of this debt. And so what are you saying, we incurred it but we’re not going to pay it? If you want to say, ‘We are not going to do it so much in the future,’ well that’s another thing. But you can’t say, ‘I’m not paying my past debts.'” … (more)
United States Constitution, 14th 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.”
Probably the best thing to happen would be for the U.S. to default on some debt obligations. As long as we continue to print money to “pay” these debts the true cost will continue to be hidden. And perhaps when a few creditors get burned, they’ll stop lending money to the U.S.
I wonder what future generations will have to say when they find out how the first black president enslaved them with debt and they didn’t even get a chance to vote on it! We need a balanced budget amendment now more than ever.
EDITOR: The House and Senate vote everytime they approve the expenditures. All the President does is sign what they send him. We make a decision when we buy something on a credit card. It is not the time to reflect on whether we want to spend the money when the credit card bill arrives.
Joe Scarborough queried this morning: why are the Republicans chasing rabbits rather than concentrating their attention on negotiating cost cutting to meet the sequestering deadline?