Harry Reid would back Obama unilaterally raising the debt ceiling
Senate Majority Leader Harry Reid (D-Nev.) has privately told other Democrats, including President Obama, that if the administration used its constitutional and executive authority to continue paying its debts in the face of House Republican opposition, he would support the approach, according to a source familiar with Reid’s message to the president.
The simplest escape route out of the debt ceiling impasse is for the president to direct the Treasury to find a legal way to pay its debts. The Treasury then has a variety of options. One gaining particular attention relies on a law that allows the Treasury to mint a coin of unspecified value and deposit it with the Federal Reserve. Those funds could then be used legally to pay debts.
“Reid has not dismissed any option,” said the source close to Reid.









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… then the transition from constitutional republic to fascist dictatorship would be complete.
Time for the red states to head for the exits.
Rebar on January 4, 2013 at 11:58 PM
The magic platinum coin theory is nothing short of rank money-printing, without even the base alloy of a bond sale.
Revenant on January 4, 2013 at 11:59 PM
Why not give every American a million dollars and back it up with a hundred trillion dollar coin? Then everyone will want to maintain the value of their million dollars and will want to get rid of the Democrats.
They are bringing the debate to a place where the above idea will look good so I wouldn’t be quick to dismiss it.
Buddahpundit on January 5, 2013 at 12:00 AM
If Harry Reid is floating such nonsense, I think he was counting on fellow Dems to leak the story in order to frighten Republican lawmakers into cobbling together some acceptable deal before the March deadline.
Ladysmith CulchaVulcha on January 5, 2013 at 12:10 AM
This would be grounds for impeachment. He has no such authority and he knows it.
jawkneemusic on January 5, 2013 at 12:23 AM
Yeah, he does know it. Who ya gonna call, John Boehner?
sharrukin on January 5, 2013 at 12:30 AM
Good for him and Obama.
The Rs are most all wimps.
Schadenfreude on January 5, 2013 at 12:31 AM
He may know he doesn’t have the authority but that won’t hold him back. This frickin guy is UN-impeachable…
Tim Zank on January 5, 2013 at 12:33 AM
The senate wouldn’t impeach Obama if it was discovered that he gave Putin the nuclear launch codes. Obama doesn’t care. “Republicans took the world economy hostage…put Americans at risk…left me no choice, etc.” It would be roundly celebrated by the media and 99% of those who reelected him.
The Count on January 5, 2013 at 12:34 AM
Those are actually pretty solid quotes. If they are true (I know) he really has no options but to negotiate or inflate.
ChrisL on January 5, 2013 at 12:40 AM
Agreed. Which is why I think Mr. Reid is pulling a big, fat, scary (yawn) bluff.
Ladysmith CulchaVulcha on January 5, 2013 at 12:47 AM
What’s next? Plutonium coins?
wolly4321 on January 5, 2013 at 1:25 AM
God! I hope it works. This is not the f’n hostage to take.
COME THE F ON GUYS!!
Someone needs to put something on the table in the next week! Instead of waiting it out to see who blinks first. Did you not see what happened last week? So what are you guys telling yourself? We lost the battle but not the war?
GROW THE F UP! You are messing with peoples lives in this country and around the world.
Talk about leadership…NOBODY IS SHOWING LEADERSHIP!
Can.I.be.in.the.middle on January 5, 2013 at 1:32 AM
This post and CT post. I feel like this country is getting ready to tear itself apart.
Oil Can on January 5, 2013 at 1:35 AM
I will laugh my ass off if Obama and the democrats actually try to float the platinum coin idea. If that happens we will be officially on the road to civil war. The idea is just beyond crazy, only derange lunatics come with ideas like that.
William Eaton on January 5, 2013 at 1:39 AM
LOL – Wasn’t this started as a joke?
strictnein on January 5, 2013 at 1:42 AM
That really warms my heart.
http://d24w6bsrhbeh9d.cloudfront.net/photo/2105401_700b.jpg
sharrukin on January 5, 2013 at 1:44 AM
“Those people”, to whom you refer, probably voted for Obama – serves them right!
The rest of the world can get stuffed, when it comes to one’s own interests!
OldEnglish on January 5, 2013 at 1:44 AM
:sniff sniff:
Is that….fear I smell?
Smells goooood
Sekhmet on January 5, 2013 at 2:12 AM
Key takeaway here is that Reid says he’s cool with freezing the debt ceiling. Oblige him!
theperfecteconomist on January 5, 2013 at 2:33 AM
this is the kind of thinking “I see everything through the lens of a game of chess, that I’m playing on my own, therefore i’m smart, and I’m winning” thinking – that caused Obama to lose, and lead the way to a conservative revolution in the last election and elected a severely conservative president…..oh wait. You are so stupid that you lost to the worst president in the history of this nation.
Carry on.
Can.I.be.in.the.middle on January 5, 2013 at 2:42 AM
Glad to have advice from those who wish conservatives ill. Will file appropriately *chunk*
Sekhmet on January 5, 2013 at 2:53 AM
That was Mr Compromise who got his moderate butt kicked. You know, the kind of guy who’s actually interested in putting something on the table. We saw how much that got him.
No, we lost the war. The GOP is useless, and the Democrats are going to storm through the institutions doing pretty much whatever they want.
Now that doesn’t mean we can’t enjoy ourselves cackling with laugher from the sidelines as it all comes down around your ears. Socialism doesn’t work and the moochers are about to find out exactly what that means. Unfortunately we are all along for the ride, but there really isn’t much we can do about that…so open a bottle of your favorite brew, sit back, and watch it burn.
sharrukin on January 5, 2013 at 2:57 AM
Is that you… Axelrod? Ha ha ha ha…
TheRightMan on January 5, 2013 at 7:06 AM
He’s subverted the Constitution several times. The House leadership has not done anything, not a peep. Why would they do anything if he did this since through their silence they’ve consented to every powergrab he’s done.
What’s changed? New leadership in the House? Uh huh…
What a disaster the GOP has wrought upon America. And yes, it is 100% the GOP’s fault. They opened the door through their lack of principle.
The GOP will betray you
True_King on January 5, 2013 at 7:31 AM
This would only raise awareness and creat support for a spending bill that actually would cut spending from one year to the next. Please PLEASE PLEASE make good on your threat Harry!
elfman on January 5, 2013 at 7:43 AM
And dictators.
Dr. Frank Enstine on January 5, 2013 at 7:46 AM
Corrected if for you:
Harry Reid would back Obama unilaterally raising the debt ceilingHarry Reid would French kiss the backside of Obama live on MSNBC…
albill on January 5, 2013 at 7:48 AM
The only consolation we have is that we know what will happen and how it will be. The others will only start to get an inkling when they are handed the train ticket for a free ride. There will be much horror and destruction by the useful idiots when they come to understand that unicorns are not real. See France etc…..
Dr. Frank Enstine on January 5, 2013 at 7:49 AM
While BO stuffed kittens into a blender and 80% of the men and woman who worship him would be orgasmic and the media would fall all over themselves to talk about how BO is wonderful and really knew how to safely blend kittens.
Dr. Frank Enstine on January 5, 2013 at 7:52 AM
can you hear the hues and cries of outrage if a gop leader did this
Man i really despise the dems
cmsinaz on January 5, 2013 at 8:30 AM
No kidding. When has not having the constitutional authority to do something ever stopped Obama? He didn’t have the constitutional authority to grant amnesty to millions of illegal aliens, but he did it anyway (“hey, the constitution does not give me this power, but I want it, so I’ll just call it ‘prosecutorial discretion’ instead of amnesty; the rubes will never know the difference”).
Obama knows the current “leadership” of the Republican party doesn’t have the b*lls to stand up to him, so he’ll just keep doing whatever he wants to do, regardless of what the constitution says. This is nothing new for so-called “progressives.” They’ve been doing this for decades, and we’ve been letting them get away with it. When they wanted to make abortion legal in the 1970′s, they created a “constitutional” right to abortion out of thin air — they declared that it was “emanating” from “penumbras” of other unspecified rights they wanted (but which were not mentioned in the constitution), like the right to privacy.
We should have shut down the nonsense about a “living” constitution long ago. All it means is that the progressives get to twist and torture the language of the constitution to make it mean whatever they want it to mean, regardless of what it actually says. If progressives want to add a new “right” to the constitution (or change an existing one), there is a process for doing that, and it’s called passing a constitutional amendment. It’s not as easy as having five SCOTUS justices make up a new right, and it’s certainly not as easy as having Obama create a new right by EO, but it’s far more democratic.
AZCoyote on January 5, 2013 at 9:16 AM
Hey,we haven’t seen Period Boy,the Axelturfer, in a while.
Doubtless posting from one the REB’s spare bedrooms in Hawaii.
Dr. Carlo Lombardi on January 5, 2013 at 10:45 AM