With the news that the Treasury Department may exhaust its extraordinary measures as soon as the beginning of June, this year’s debt ceiling confrontation is rapidly coming to a boil without a deal in sight. House Republicans and President Biden’s White House are making incommensurable demands,…
ith the news that the Treasury Department may exhaust its extraordinary measures as soon as the beginning of June, this year’s debt ceiling confrontation is rapidly coming to a boil without a deal in sight. House Republicans and President Biden’s White House are making incommensurable demands, preparing for combat, and shifting blame instead of finding a way out of the impasse.
That would effectively render the statutory debt limit a nullity—and it would represent a major constitutional provocation by the president. It would be a horrible mistake. First, it is simply bad constitutional law. When the amendments says “the validity of the public debt … shall not be questioned,” it is barring repudiation of debt, not authorizing the means of repaying debt. Failing to make timely payments on the government’s obligations would be bad, but it would in no way imply any sort of repudiation. There is no real solution here.
That may sound self-limiting but would in fact create lots of room for mischief. Most federal government spending does not come in the form of dollar-specified discretionary appropriations. Instead, permanent appropriations , sensitive to executive branch manipulation, constitute the lion’s share of our spending. Wiping out the debt ceiling in a way that rules out congressional interference with executive debt-issuance would give the president free rein.
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