July 4, 2011
JONATHAN ADLER: Is the Debt Limit Constitutional? — Part Deux. I think if Obama ignores the debt limit, what the courts will say about it is the least of his worries. But this issue is just being floated as pre-deal FUD, I think.
At any rate, whenever the agree on a debt deal, the deal needs to include language that will address this. Say, the death penalty for issuance or purchase of any U.S. debt instrument issued after the ceiling is exceeded. That wouldn’t question the validity of the debt, but it would certainly undermine its market . . . .