'In effect, the 14th Amendment option is merely a default with more handwringing and deflecting blame on the evil Republicans who only wanted to tack an extra $14 trillion onto the national debt instead of another $19 trillion.' -TianaTheFirst
Just four months ago, Speaker Kevin McCarthy faced such a fractured caucus that he required a whopping 15 votes, the longest contest since before the Civil War, to win the House speakership, while Democrats feted President Joe Biden as the first president in history to defend every single incumbent Senate seat up for reelection.
First, progressives beckoned the Treasury to mint a trillion-dollar platinum coin and simply"ignore" the Supreme Court's inevitable ruling that it runs afoul of the Coinage Act. Yellen quickly poured cold water on the idea, warning her party that Federal Reserve Chairman Jerome Powell would never accept such a payment as legitimate and that no law would require the Fed chairman to do so. Naturally, Senate Democrats have pounced on a second and equally stupid idea.
If Biden indeed tries to listen to the #DoSomething faction of his party, he can expect a roller coaster of legal challenges, culminating with a definitive death blow from the Supreme Court, should the matter even get that far. In the meantime, markets and our global trading partners would simply not accept the move as legitimate.
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