Krugman makes the case in favor of minting the SUPERCOIN!.
I understand the arguments in favor of it,hell I’m sympathetic to them, but I think the whole thing is just patently ridiculous. It’s no way to run a country. Of course, the GOP refusing to authorize borrowing to pay for the spending they already authorized in order to extract unpopular policy concessions is just as ridiculous.
The legal issue boils down to this: The President is legally obligated to spend the money congress has appropriated on the things that congress has appropriated it for. The President is also legally obligated to not issue any debt beyond the debt ceiling. The President is also constitutionally obligated not to default. Those things are (or, will be in a couple weeks, if the ceiling is not raised) mutually exclusive. The choice will have to be made: which illegal option to go with?…
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