The U.S. Is Not Going to Default. It’s Going to Stop Sending Checks.


There’s an important distinction sometimes lost in the current debate over raising the debt ceiling. On Aug. 2 (or thereabouts), the U.S. government is not going to default on its credit obligations, not just yet anyway. If the borrowing limit isn’t increased, the Treasury …

How the Debt Debate Might Lead to an Impeachment Frenzy

At Tuesday’s White House press briefing, Obama spokesman Jay Carney was asked whether the President might circumvent the tortured efforts to strike a debt-ceiling deal with Republicans and invoke the U.S. Constitution’s 14th amendment, which contains a clause providing that “The validity of the public debt of the United States, …

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