DeMint: Obama Will “Get His Wish” on Taxes

By: Thursday December 13, 2012 6:58 am

Fiscal slope talks have basically stalled out, but leader in the conservative movement Jim DeMint cried uncle this morning, affirming that the President will get higher taxes, though he exaggerated it to mean higher taxes on everyone, not just on those earning over $250,000. “He’s going to get his wish,” DeMint said. “I believe we’re [...]

Debt Limit Conversation Swamping Fiscal Slope Debate

By: Friday December 7, 2012 7:45 am

The high-stakes battle over the fiscal slope has detoured into a high-stakes battle over the government’s debt limit. Seeing little hope of forestalling rises top-level tax rates, Republicans have discussed a plan to relent on that and then move directly to a debt limit showdown, where they have the advantage because of the need to [...]

Treasury’s Perfect, Impossible-to-Pass Debt Limit Plan

By: Wednesday December 5, 2012 11:33 am

Jenni LeCompte at the Treasury Department fleshes out the permanent debt limit de-fanging proposal that Tim Geithner offered as part of the initial White House term sheet on the fiscal slope. She adds the nice touch of calling it the McConnell proposal, since the Republican Senate leader offered a version of it, which actually went [...]

Pelosi: Use 14th Amendment to Stop Debt Limit Showdown

By: Wednesday June 20, 2012 12:46 pm

House Minority Leader Nancy Pelosi, in a meeting with journalists today, announced her support for using the 14th Amendment solution to surmount the debt limit. During last year’s debt limit debate, many commentators observed that the 14th amendment comes in conflict with the notion of a debt limit, as it says, “The validity of the [...]

Biden’s Admission on the 14th Amendment Actually a BFD

By: Tuesday August 2, 2011 10:47 am

The bombshell dropped alongside the debt limit deal yesterday, aside from Gabrielle Giffords’ return to Congress, was Joe Biden telling a group of House Democrats that the President was prepared to “invoke the 14th Amendment” in the event of the debt limit failing to pass. I’m not sure entirely what he means by that, but [...]

Obama About to Speak on Debt Limit Crisis

By: Friday July 29, 2011 7:25 am

The President is about to speak before the nation “on the status of the debt limit negotiations.” You can watch it live here. Earlier today, in a speech on the floor of the Senate, Harry Reid said he would introduce his version of a debt limit bill today, unable to wait for John Boehner any [...]

House Dems: Use the 14th Amendment and Get This Over With

By: Wednesday July 27, 2011 11:34 am

House Democrats have been largely silenced in the debt limit debate. They’re the minority in a majoritarian body, so that’s somewhat natural. But seeing that the numbers are so close for any plan in the House that Democrats could hold the margin of victory, it’s a little curious. Now, House Democrats are responding to that [...]

Breaking: The President Has Options to Raise the Debt Limit

By: Monday July 25, 2011 8:50 am

Just a gentle reminder that the President doesn’t actually have to wait around for the political mess on Capitol Hill to sort itself out before he ensures an increase in the debt limit. The first thing he could do is demand a clean bill. The politics of the debt limit are such at this point [...]

Treasury Department Officially Shuts Down Constitutional Option

By: Friday July 8, 2011 11:35 am

It was fun while it lasted, though I never thought this Administration would try anything so risky. And indeed, today the Treasury Department’s General Counsel, George Madison, via an email to the New York Times, says that they have no ability to issue debt if Congress doesn’t increase the debt limit. This ends speculation that [...]

The Tribe Has Spoken – Laurence Tribe Dismisses Constitutional Option on the Debt Limit

By: Friday July 8, 2011 7:35 am

As the noise level rose about the so-called “Constitutional option” for the debt limit, the invocation of the 14th Amendment, Section 4, it has turned into a partisan football. In the Senate, Republicans prepared a resolution affirming the Constitutionality of the debt limit, even while one of their colleagues, Sen. Chuck Grassley, a member of [...]

Treasury Has Limited Options to Deal With Failure to Increase Debt Limit

By: Thursday July 7, 2011 8:10 am

Until I see the words “we will agree to more revenue” coming out of a Republican’s mouth, I’m inclined to think that there’s a far greater chance of the debt limit being reached without agreement than this sudden, $4 trillion grand bargain that has returned to the headlines. Barack Obama and some excitable media types [...]

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