The 14th Amendment, the Debt Ceiling,and the Trillion Dollar Coin all walk into a bar….

Yes, it DOES sound like a joke, but it’s not.
As you know, we just got finished with a standoff over the Congressionally-created crisis known as the “financial cliff,” and now, we have to deal with the impending need to raise the debt ceiling in a few weeks. There have been two particularly interesting ideas put forth to allow President Obama to bypass Congress: The 14th Amendment and a trillion (yes!) dollar coin. We discussed this in class today, but here are the links for you to peruse.

So here’s a link to the discussion on the use of the 14th Amendment to unilaterally allow the president to raise the debt ceiling: http://www.boston.com/news/politics/articles/2011/07/31/possible_legal_loophole_would_be_risky_for_obama/

and here: http://www.nytimes.com/2011/07/25/us/politics/25legal.html?_r=0

Then there’s the discussion of the Trillion Dollar platinum coin:
http://money.cnn.com/2013/01/09/news/economy/platinum-coin-debt-ceiling/

This has been suggested by people such as President Clinton and Paul Krugman, who is the owner of a Nobel Prize in economics (as well as being a liberal columnist)’ Here’s Krugman’s take: http://krugman.blogs.nytimes.com/2013/01/07/be-ready-to-mint-that-coin/

All this, instead of just negotiating a compromise. Sigh.

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