Add today’s hyper-partisanship to the mix of contrasting legal interpretations, and there’s no consensus on whether Biden may raise the debt limit himself to prevent the U.S. from defaulting on its obligations. HistoryAsItHappens podcast
himself to prevent the U.S. from defaulting on its obligations as early as next month. No president has ever taken such authority.
Section 4 reads “The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.” It was meant to protect public debt held by the federal government after the Civil War while barring former Southern secessionists from honoring Confederate debts after they returned to the reconstructed Congress.
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