George Washington Murray

Failure on Debt-Ceiling Talks May Mean Constitutional, Economic Double Bind

New York, UNITED STATES: The National Debt Clock is pictured 11 January 2006 at Times Square in New York City. US Treasury Secretary John Snow warned 30 December 2005 that unless Congress raises the national debt limit, the US government will run out of cash to finance its daily work in two months. Snow said the statutory debt limit imposed by Congress of USD 8.184 trillion would be reached in mid-February and the government would then lose its borrowing power. AFP PHOTO/Timothy A. CLARY (Photo credit should read TIMOTHY A. CLARY/AFP/Getty Images)

The country’s $14.3 trillion aggregate borrowing limit is the legacy of a 1939 congressional act designed to give Treasury more flexibility to manage the country’s finances -- previously, Congress had authorized debt in installments and by need --  but if the legislature fails to increase the limit and Treasury exhausts its cash supply, the administration will face unprecedented legal questions.

“Is it constitutional for Congress to refuse to pay debts that it has authorized the government to borrow?” asks Garrett Epps, a University of Baltimore law professor who argues that a little-known clause in the 14 Amendment could allow the president to simply ignore the statutory debt ceiling.

Sens. Chris Coons , D-Del., and Patty Murray , D-Wash., have also cited that argument, according to the Huffington Post , and at a press breakfast in May, Treasury Secretary Timothy Geithner read the amendment aloud from a pocket Constitution. Nonetheless, Treasury officials insist “there is no Plan B” and that the debt ceiling will be raised.

If the government does run out of cash, conservatives argue that the administration can simply choose to prioritize payments, citing a 1985 GAO report's “tentative” conclusion that the secretary of the Treasury “does have the authority” to do so. A number of Republicans have lined up behind a bill sponsored by Sen. Pat Toomey , R-Pa., which would clarify that debt payments must be the top priority, but Geithner has argued against that path, writing recently that doing so would have nearly the same effects as a default.

According to a Bipartisan Policy Center analysis, paying off interest on the debt, Social Security and health care entitlements, defense contractors, and unemployment insurance would take up the country’s entire monthly income.  The rest -- including military pay, veterans’ affairs, IRS refunds, and federal employee salaries -- would simply be left unpaid.

Fantasy Fantasy League: The Abomitrons Vs. George Washington's Slaves

Five competitors makes for a pretty cramped steel cage, but it does not stop the two clones and three newly made Jedi Masters from instantly engaging in some amazing acrobatics. The five fighters use the reinforced sides of the steel cage as a means to jump around and attack. Batteldae and Rob Murray use their Immell Gear to Simm their Say while the three Jedis ignite their lightsabers. The Jedis attack, but the Batman and Robin half-clones are way to good at close quarters combat for their defenses to be beaten that easily. Batteldae spin kicks Jedi Master #1A (the former top Youngling student and Yoda Padawan) into the side of the steel cage while Rob Murray manages to back-flip on to the turn buckle and then jump back at Jedi Master #3A with his bimmell-rang and slit the throat of the Jedi. This great move gets the job done, but then leaves Rob open for a lightsaber attack from Jedi Master #2A that ends with Rob Murray getting a lightsaber through the neck. Batteldae sees this and quickly avenges his clone sidekick with a neck-snapping move that would have made the late Bruce Wayne proud (although he wouldn’t have admitted it because it killed somebody). Batteldae drops the body of the Jedi Master and turns to face his final opponent who has recovered from his bounce off the steel cage. Batteldae knows that he is coming, but he cannot turn around fast enough. The last remaining Jedi Master moves at incredible speed and manages to slide his lightsaber into the heart of Batteldae.

Silver, speech of Hon. George W. Murray, of South Carolina, in the House of Representatives, Thursday, August 24, 1893

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