The Fourteenth Amendment And The US Debt Ceiling
As the June 1 deadline fast approaches for the Democrats and Republicans to agree on what to do with the debt ceiling, various strategies are being articulated that might have negative consequences for the US economy and the global financial system. Unconventional ProposalsThere is a Democratic proposal to mint a $1T coin and deposit it in the Treasury General Account to give it a few more months of money to spend. Another is to use Section IV of the Fourteenth Amendment of the US Constitution which reads as follows: “The validity of the public debt of the United States, authorized by law, inc...