Your views: Obama deserves blame if country defaults
President Obama dishonestly claims any default on the national debt will be the fault of Republicans. Obama can prevent a default.
Obama’s oath requires he uphold the Constitution. The 14th Amendment says “the validity of the public debt of the United States” is sacrosanct and “shall not be questioned.” The language was put in to require paying the enormous Civil War debt.
Obama can act to prevent a default, as required by the constitutional mandate. He would be violating his oath if he doesn’t.
Commentary Magazine wrote that default is nothing more than a failure to pay the interest and principal due on a debt in a timely manner. The government is spending about $17 billion every business day. It takes in about $14 billion in revenues. Thus it needs to borrow about $3 billion every business day to make up the difference.
A failure to raise the debt ceiling would prevent the government from borrowing that money. But it would not prevent the government from paying the interest on the debt, which amounts to only about 8 percent of revenues. Nor would it prevent the government from rolling over existing debt, which it does routinely.
All Obama has to do is prioritize what bills get paid, leaving some unpaid temporarily. States often do this, including Obama’s Illinois.
So if this country defaults on its debt, it will be 100 percent Obama’s. His dishonest scare-mongering and refusal to negotiate doesn’t help anything.