Sen. John Cornyn, R-Texas, warned President Obama on Sunday to not even consider interpreting the Constitution's Fourteenth Amendment to bypass Congress and raise the debt limit without its approval.
Source: http://feeds.foxnews.com/~r/foxnews/politics/~3/zsxHxP6eTT4/
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But he never said it was not Constitutional because it is.
ReplyDeleteSCOTUS already ruled on this:
PERRY V. UNITED STATES, 294 U. S. 330 (1935)
The government’s contention thus raises a question of far greater importance than the particular claim of the plaintiff. On that reasoning, if the terms of the government’s bond as to the standard of payment can be repudiated, it inevitably follows that the obligation as to the amount to be paid may also be repudiated. The contention necessarily imports that the Congress can disregard the obligations of the government at its discretion, and that, when the government borrows money, the credit of the United States is an illusory pledge…
The Constitution gives to the Congress the power to borrow money on the credit of the United States, an unqualified power, a power vital to the government, upon which in an extremity its very life may depend. The binding quality of the promise of the United States is of the essence of the credit which is so pledged. Having this power to authorize the issue of definite obligations for the payment of money borrowed, the Congress has not been vested with authority to alter or destroy those obligations.