Via RCP, which has a brief transcript in case the audio’s not clear. There’s actually little risk of The One doing this, I think. The White House has consistently downplayed the possibility, and like I said once before, the legal uncertainty of the move means it probably wouldn’t do much to stop markets from panicking anyway. Besides, even liberals as stalwart as Barney Frank recognize that it would be a catastrophically ambitious power play:
“I think it would cause a great crisis in our democracy” if debt was created without a rise in the debt limit, Frank told economist Bruce Bartlett, a former Republican who has been talking up the “constitutional option.” Frank simply didn’t see a way for this to work, and warned of political disaster.
“The anger in the country, the political bitterness and the vitroil, would be amplified,” he said, “and you’d let people off the hook for their irresponsibility.”
Indeed, and yet I haven’t seen liberal legal experts so excited about an idea since the last round of the “Commerce Clause lets us do anything we want” debate. You know, I’ve been blogging long enough to remember a time when the left was all about using legislative power to check an executive who fancied himself endowed with monarchical constitutional powers. Which is to say, I’ve been blogging for more than two and a half years. Ah well. The One did promise us Change.
Speaking of which, since when did Lindsey “Congress should just sort of shut up” Graham suddenly become a big Article I guy?