We have spent decades putting off the inevitable... a failure to meet our national obligations and a resulting default on the national debt. If we don't declare a default now, it will only continue to balloon larger and larger, and the end is definitely coming.
Just default, already -- repudiate our debt, close the Fed, shutter our useless and weaponized government agencies -- and let's get on with rebuilding our nation's economy.
What it actually says is interesting in several ways:
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. But neither the United States nor any state shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.
We have spent decades putting off the inevitable... a failure to meet our national obligations and a resulting default on the national debt. If we don't declare a default now, it will only continue to balloon larger and larger, and the end is definitely coming.
Just default, already -- repudiate our debt, close the Fed, shutter our useless and weaponized government agencies -- and let's get on with rebuilding our nation's economy.
They CANNOT default -- at least, not lawfully.
The 14th Amendment requires a payment of legally-authorized debt. It is the ONLY thing that is REQUIRED to be paid from the federal budget.
So, the debt must be paid FIRST, then whatever is left over would go to defense, social programs, corporate welfare, whatever.
What it actually says is interesting in several ways:
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. But neither the United States nor any state shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.
What about the "Odious Debt" legal precedent?