Assignment 1



Abstract

The fourteenth amendment in the constitution of the United States was developed and considered as one of the Reconstruction amendments. This amendment was adopted on 9th July, 1868. The debt crisis in the United States was a debatable issue that led to a number of important discussions in the United States Congress. Within the United States of America, the federal government is able to pay for the expenses on the condition that the Congress approves the expenses in the Bill of appropriation. The Constitutionalists are ever in argument with one another in regards to the intentions of the Founding Fathers however, history is quite transparent and clear. Different implications of not raising the debt ceiling were observed when panel of experts were divided to study the adverse effects of not raising the debt ceiling for a short period of time on the economy. It is firmly believed by the economists that if these shocks were successfully sustained by the country, then the government would be successful in reversing the economic recovery and lead the country into a recession. Different economists and scholars have presented their in relation to the subject of debt ceiling according to the fourteenth amendment. It has been observed that President does not have complete authority to raise the debt ceilings, and the authority of borrowing is placed with the Congress according to the fourteenth amendment.

Table of Content

Introduction4

Discussion4

Debt Ceiling6

Debt Ceiling History7

Concerns in regards to long-term debt and budget deficits9

The 14th Amendment and the Debt Ceiling10

Debt Ceiling and the Supreme Court11

Debt Ceiling and the President11

The Debt Ceiling and President Obama12

Implications of not Raising the Debt Ceiling12

Possible Methods of Bypassing the Debt Ceiling14

Arguments about the Debt Ceiling in Relation with the Fourteenth Amendment15

Conclusion17

References18

Assignment 1

Introduction

It has become a very important subject to discuss the authority of the President to raise the debt ceilings under the fourteenth amendment of the constitution of the United States. It has been observed that there are various sources that provide us with the information about the President's authority to raise the debt ceilings according to the fourteenth amendment of America's constitution. The fourteenth amendment in the constitution of the United States was developed and considered as one of the Reconstruction amendments. This amendment was adopted on 9th July, 1868. It has been observed that some important decision in relation to the debt ceilings crisis was taken according to the fourteenth amendment of the constitution of the United States. The debt ceiling crisis was a major issue that arose in the United States and it had to become a debatable issue within the Congress. The core focus of this paper is to discuss the debt ceiling crisis that occurred in the United States. A discussion on the authority of the President to raise the debt ceiling in the country according to the fourteenth amendment is also presented as follows.

Discussion

The debt crisis in the United States was a debatable issue that led to a number of important discussions in the United States ...