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And to quote 'Perry vs United States': "The Fourteenth Amendment, in its fourth section, explicitly declares: "The validity of the public debt of the United States, authorized by law, . . . shall not be questioned." While this provision was undoubtedly inspired by the desire to put beyond question the obligations of the government issued during the Civil War, its language indicates a broader connotation. We regard it as confirmatory of a fundamental principle which applies as well to the government bonds in question, and to others duly authorized by the Congress, as to those issued before the Amendment was adopted. Nor can we perceive any reason for not considering the expression "the validity of the public debt" as embracing whatever concerns the integrity of the public obligations."
Wednesday, 27-Jul-11 14:55:37 UTC from web-
@roygbiv even if the debt ceiling is raised the US's credit rating could still be downgraded since it's a based on a countries debt to GDP ratio
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@elind85 Yeah, last week S&P sat the Republican down to explain JUST what the credit limit being lowered would do to the WORLD'S ECONOMY. Just them, 'cause they're the only ones who don't GET IT!
Wednesday, 27-Jul-11 14:59:28 UTC from web
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