clinton obamaCongressdebt ceilingdebt limitEconomics
Robert Reich, former secretary of labor in the U.S., has called for the government to bypass Congress in order to raise the debt ceiling unilaterally. Reich states that the constitution of the U.S. gives President Biden the faculty of ignoring this debt limit, declaring it unconstitutional — explaining its existence is less significant than the mandate of not questioning the validity of the U.S. public debt.
Robert Reich Calls to Ignore Congressional Debt Ceiling
Robert Reich, an economist who served as U.S. secretary of labor during the government of President Bill Clinton, and was a counselor under President Barack Obama, has urged the government to ignore the faculty of Congress to establish the debt ceiling. In a video posted on social media, Reich called on President Biden to ignore Congress and raise the debt ceiling, founded in the mandate of the U.S. Constitution regarding the public debt of the country.
Reich believes that Republicans are trying to negotiate tax cuts that will affect several key benefits directed to vulnerable sectors, including healthcare, education, veterans’ benefits, and others, and use the raising of the debt ceiling for political leverage.
Reich bases his exhortation on the fourteenth amendment of the U.S. Constitution, which declares that “the validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.” According to him, this enables the president to take unilateral action to raise the established debt ceiling.
Further Explanation
In his video, Reich explains that the oath made before the Constitution and maintaining the welfare of the country is more important than the debt ceiling. He explained:
Mr. President, your oath to uphold the Constitution takes precedence. And as the supreme law of the land, the Constitution has a greater weight than the law on the debt ceiling.
He also clarified that this action, if taken, would not interfere with the faculties that Congress currently has. He remarked:
The Constitution makes it clear that Congress’ power to borrow money does not include the power to default on such borrowings.
Other economists have stated that the U.S. will default on its debt, like Peter Schiff, who believes this will happen sooner or later. Bipartisan talks on the debt ceiling issue have been postponed until Friday, but Senate Majority Leader Chuck Schumer stated that House Speaker Kevin McCarthy would not take the possibility of default off the table during the last meeting, forcing a stalemate.
What do you think about Robert Reich’s calls to ignore the debt ceiling established by Congress? Tell us in the comments section below
Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.
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