Sen. Mitch McConnell, R-Ky., “offered” to hand President Obama “new powers” to avert a government default. If I remember correctly, the Constitution already addresses the ability of the president to raise the debt limit without Congressional approval. It was in response to the massive debt incurred during the Civil War, and has been upheld by the Supreme Court since it was first enacted.
Precedent was again set in the U.S. Supreme Court case, Perry v. United States, decided Feb. 18, 1935: “By virtue of the power to borrow money ‘on the credit of the United States,’ Congress is authorized to pledge that credit as assurance of payment as stipulated, as the highest assurance the Government can give, its plighted faith. To say that Congress may withdraw or ignore that pledge is to assume that the Constitution contemplates a vain promise, a pledge having no other sanction than the pleasure and convenience of the pledgor.”
So, with this amazing “gift,” the Republicans can sidestep any responsibility, while claiming to be the champions of middle -class Americans. What a bunch of bozos we have in Congress — Democrats as well as Republicans. Welcome to the future.