I am amazed at how those who demand strict adherence to the Constitution are not adhering to the 14th Amendment, Section 4, which requires that the U.S. must honor its debts.
The extreme ideology that congressional tea party representatives demand, that this amendment be subject to debt-reduction provisions — in spite of the fact the debt ceiling has been raised 78 times (17 times by President Reagan) — is contrary to the explicit requirement of the amendment. They want our great nation to be a deadbeat for debts it already incurred and is obligated to pay. Such demands will bring America to the edge of default and cause worldwide chaos.
We must heed the words of President Obama: “The full consequences of a default — or even the serious prospect of default — by the U.S. are impossible to predict and awesome to contemplate.” Also, “Congress consistently brings the government to the edge of default before facing its responsibility. his brinkmanship threatens the holders of government bonds ... interest markets would skyrocket, instability would occur in financial markets and the federal deficit would soar. The U.S. has a special responsibility to itself and the world to meet its obligations.”
Oops, I made a mistake. It wasn’t President Obama making those statements. It was President Ronald Reagan in 1983 and in 1987.