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.
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About Jonathan
Jonathan Zasloff teaches Torts, Land Use, Environmental Law, Comparative Urban Planning Law, Legal History, and Public Policy Clinic – Land Use, the Environment and Loc…
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Very interesting! I guess it beats waiting around.
There’s something about the phrasing “shall not be questioned” that bothers me, but as we have no decent excuse for not paying our bills maybe I won’t think about it too much. (As I understand it, this bit was written to prevent a Southern-dominated Congress from trying to stiff Union creditors? I only read the highlights though.)
Excellent idea, Jonathan. One passage is just half-right, however. As you say:
“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.”
But of course a nakedly partisan decision would block only a part of that path. If the Court upheld the House GOP scheme, public opprobrium visited on the House GOP would surely mount. But the GOP would succeed nonetheless in tearing apart important aspects of the international economic system.
Janet Yellen is another diabolical freak of nature who is held captive to do the devil’s will. She is here to destroy the USA because no sane or good person could listen to this willful imbecile talking about how USA is in trouble, while SENDING BILLIONS TO UKRAINE so it can be LAUNDERED to the world’s ELITE scumbags.
She is a beautiful young woman, but one of those sharp ones; crisp, quick, and demanding; almost impossible to please.