This summer the more obscure Section 4 of the 14th Amendment to the U. S. Constitution was brought up in discussion by former President Clinton and several esteemed justices. This section was meant to assure the payment of Union Army debts after the Civil War, and to disavow Confederate ones, but was written in broader terms.
"The validity of the public debt of the United States, authorized by law, including debts incurred for payments of pensions and bounties for services in surpressing insurrection or rebellion," the critical sentence says, "shall not be questioned."
This is the constitutional escape hatch which Clinton and several legal scholars assert allows the president to lift the debt limit in these dire circumstances. Obama has said he talked to several legal scholars who are not certain that it is a winning argument. Methinks that another urgent conversation is in order, Mr. President, and the next time you appear on television in prime time you make a simple declarative statement: "I have evoked the terms of the 14th Amendment to the Constitution to lift the debt ceiling. If my esteemed Republican opponents in the House choose to fight this move, I welcome their legal challenge in court."
That is a legal fight I would love to see in the midst of the next election campaign. I suspect they will retreat with their tails between their legs rather than go up against a fait accompli which has saved the economic system of the world. Yes, Mr. President, it IS time for the Founding Fathers of the nation to come to your -- and our -- rescue. Do it! Today!