The Phaserl


The Debt Ceiling and Presidential Power

by Michael D. Ramsey,

The New York Times‘ Room for Debate asks Can Obama Ignore the Debt Ceiling?, with contributions from Eric Posner (Chicago), Elizabeth Price Foley (Florida International), Akhil Amar (Yale), Dorothy Brown (Emory), James Galbraith (Texas — Economics), and Thomas Geoghegan.  (Thanks to Micahel Perry for the pointer).

I think Professor Foley basically has it right:

Under Article I, Section 8 of the Constitution, Congress has the power to “borrow money on the credit of the United States.” This power is exclusive; it cannot be exercised by the other branches of government.

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