Background Briefing: September 27, 2021
The Democrats Should Invoke the 14th Amendment to Raise the Debt Ceiling
We begin with the brinkmanship underway as the Senate votes on raising the debt ceiling which has to be done by midnight on Thursday otherwise the government will run out of money by mid October and the economy will be in a financial crisis worse than 2008. Joining us is Mike Lofgren, who has spent twenty-eight years working in Congress, the last sixteen as a senior analyst on the House and Senate Budget committees. The author of the New York Times Bestseller, The Party Is Over: How Republicans Went Crazy, Democrats Became Useless and the Middle Class Got Shafted, we discuss the possible work-around McConnell’s refusal to raise the limit the Democrats could employ by having President Biden and the Treasury invoke the clearly-stated text of the 14th Amendment of the Constitution which says “the validity of the public debt of the United States…shall not be questioned”. Predictably McConnell would take it to the Supreme Court which is now reliably partisan even though they claim to be originalists who follow the text of the Constitution, but at least we would be borrowing some time before the full faith and credit of the United States crashes and burns.
Peter Thiel, the Ultimate Plutocratic Populist Financing Far Right Candidates