Did the Fed have a legal basis, Thread II

That last thread was getting too confusing (January 23 comments were appearing both above and below January 16 comments), so I closed that comments page and opened this one.

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Clonal Antibody
3 years 8 months ago

Philip,

This is important!

What does suspend enforcement mean?

From House votes to suspend debt limit

House Republicans voted to suspend enforcement of the debt ceiling through May 18

What does House votes to suspend debt limit mean?

They did NOT INCREASE the debt limit but suspended enforcement. In other words, the debt limit is unchanged. If the administration exceeds the Debt limit, it will be in violation of the law!

Does that mean, that the Government is free to issue as much debt as it wants till then? Or does it mean that the law will not be enforced till then, and the debt ceiling remains. In other words, if you pass the debt ceiling, then after May 18th you are in a lot of hot water, for now the debt ceiling law can be enforced, and that the administration would have been deemed to have violated the law.

Could you get somebody in the Democratic Party to clarify this? The administration could be setting itself up for impeachment by the Congress after May 18th.

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Philip Diehl
3 years 8 months ago

This isn’t a trap, and there’s no danger that Obama will be impeached. This vote is the House GOP’s retreat from its ignominious defeat on the debt limit, like Lee retreating across the Potomac after he ordered Pickett’s disastrous charge up Cemetery Ridge.

Here’s a good account:

http://www.washingtonpost.com/politics/hold-house-votes-to-suspend-debt-limit/2013/01/23/58f2013c-6574-11e2-85f5-a8a9228e55e7_story.html

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Clonal Antibody
3 years 8 months ago

Philip,

you are quoting the same article as I did. Please point out the flaw in my logic.

1. The debt ceiling remains unchanged
2. If the government issues more debt than the ceiling, it is in technical violation of the law.
3. The enforcement of the debt ceiling law is suspended till May 18th

Why can’t Obama be impeached for violating the Debt Ceiling law after May 18th?

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