How to Solve the Debt Ceiling Standoff? Sue Janet Yellen
A lawsuit by a federal debtholder could take the terrorists’ bombs from them.
We are now just a few weeks away from the House GOP blowing up the world and national economy, with awful environmental consequences as well.. At this point, it’s quite obvious what their strategy is: crash the global economy, and then blame President Biden for it. They aren’t interested in a deal, as even the Biden Administration is beginning to recognize.
What to do? In my latest piece for The American Prospect, I suggest that the best answer is straightforward: sue Janet Yellen:
“It’s one thing to have the president simply ignore the debt ceiling statute. The markets might get skittish because of legal uncertainty. But if a court declares the ceiling unconstitutional, that’s a different story. If anything, that would increase certainty and thus stability. With a favorable ruling, markets would know that Republican hostage-taking is over…..
“[If] district and circuit courts follow the constitutional text and history and strike down the debt ceiling, wouldn’t the Supreme Court simply do the Republican Party’s bidding and overturn the other courts? They might. But they might also be reluctant to destroy the full faith and credit of the United States. The GOP’s billionaire contributors do not want a market meltdown. Neither does Harlan Crow.
“If the Supreme Court does overrule the lower courts, it will be clear for all to see who is responsible for the ensuing catastrophe. The House GOP’s entire strategy has been to crash the economy while avoiding blame. A nakedly partisan Supreme Court judgment would block that path.”
You can read the whole thing here.