{"id":5482,"date":"2011-07-28T00:16:32","date_gmt":"2011-07-28T07:16:32","guid":{"rendered":"http:\/\/www.politicsplus.org\/blog\/?p=5482"},"modified":"2011-07-28T00:16:32","modified_gmt":"2011-07-28T07:16:32","slug":"if-republicans-push-us-over-the-cliff","status":"publish","type":"post","link":"https:\/\/www.politicsplus.org\/blog\/2011\/07\/28\/if-republicans-push-us-over-the-cliff\/","title":{"rendered":"If Republicans Push Us Over the Cliff"},"content":{"rendered":"

As much as I hate to say it, Boehner\u2019s inability to lead his own caucus has caused his blackmail of the American people to backfire, and it is now well within the realm of possibility that Republicans may push us over the cliff of default.  If that happens, there are a few different things Obama may do, so lets take a look at them and at how this may effect Main Street Americans.<\/font><\/p>\n

\n

\"28GOPcliff\"<\/p>\n

…SALE OF ASSETS<\/p>\n

Treasury could consider selling off some of the government’s assets, including holdings of gold and mortgage-backed securities…<\/p>\n

14TH AMENDMENT<\/h6>\n

Some legal scholars see a possible trump card for Obama in a provision of the Constitution that says the United States’ public debt "shall not be questioned."…<\/p>\n

PRIORITIZING PAYMENTS<\/h6>\n

If the Treasury decides that neither an asset sale nor the use of the 14th Amendment are workable, it could look at delaying some payments to recipients of government benefits, government employees, outside contractors or other parties to ensure it has enough cash on hand to keep paying interest on its debts\u2026<\/p>\n

ENLISTING HELP OF THE FED<\/h6>\n

In a sign that financial authorities were coordinating closely on the unfolding debt drama, Geithner met on Friday with Federal Reserve Chairman Ben Bernanke and New York Federal Reserve Bank President William Dudley\u2026<\/p>\n<\/blockquote>\n

Inserted from <Reuters<\/a>><\/p>\n

I\u2019ve only given you a small taste of this article and encourage you to click through for the rest of it.<\/font><\/p>\n

Sale of assets might be a short term help, at best, and the fire sale<\/em> setting would minimize the value received.<\/font><\/p>\n

The Constitution vests the Courts, not the Executive Branch, with determining Constitutional issues.   Absent a court order to so so, Obama would be on thin ice.  He could however invoke executive powers in a state of emergency.  Either way, it would provoke a Constitutional crisis.  SCOTUS has only four Justices, so the five fascists at SCROTUS would decide the issue.  That is not a pleasant prospect.<\/font><\/p>\n

In prioritizing payments, Obama should stop all federal funds to states the majority of whose Reps and Senators manufactured this crisis, blackmailed America, and will have caused the default, including the salaries and perques of all those politicians and their staffs.<\/font><\/p>\n

For the Fed to borrow on behalf of the government would be conducting fiscal policy, and they are legally confined to monetary policy only.  That is a bright line we do not want to cross.<\/font><\/p>\n

Melissa Harris-Perry discusses the latest developments and how a default will effect us individually with Ezra Klein.<\/font><\/p>\n

<\/embed><\/object><\/font><\/p>\n

Visit msnbc.com for breaking news<\/a>, world news<\/a>, and news about the economy<\/a><\/p>\n

To say it will be ugly is an understatement.<\/font><\/p>\n

I most sincerely hope that this will not come to pass, but if it does, I hope this has left you a bit better informed.<\/font><\/p>\n","protected":false},"excerpt":{"rendered":"

As much as I hate to say it, Boehner\u2019s inability to lead his own caucus has caused his blackmail of the American people to backfire, and it is now well within the realm of possibility that Republicans may push us over the cliff of default.  If that happens, there are a few different things Obama […]<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-5482","post","type-post","status-publish","format-standard","hentry","category-politics","category-5-id","post-seq-1","post-parity-odd","meta-position-corners","fix"],"_links":{"self":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/posts\/5482","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/comments?post=5482"}],"version-history":[{"count":0,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/posts\/5482\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/media?parent=5482"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/categories?post=5482"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/tags?post=5482"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}