The Petulant Teleprompter: Obama “Abruptly” Walks Out Of Debt Negotiations
by Tyler Durden
Update: OBAMA: “THIS MAY BRING MY PRESIDENCY DOWN BUT I WILL NOT YIELD ON THIS” — REPUBLICAN AIDE; Perhaps Obama may want to put the country ahead of his own interests this one time…
Here is the relevant section in the 14th Amendment that the Constitutional scholar is likely about to invoke. The bolded section is what is largely being ignored.
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.
Odd how the debt inccured for payment of pensions is being nicely trampled to make way for debt incurred for payment of Federal worker bonuses…
So far the Moody’s threat is having precisely zero impact on the debt ceiling farce, with just 8 days left until July 22. But the latest development is certain to jar both S&P and Fitch, not to mention Dagong, out of hibernation. Reuters reports that President Barack Obama abruptly ended a tense budget meeting on Wednesday with Republican leaders by walking out of the room, a Republican aide familiar with the talks said. The aide said the session, the fourth in a row, was the most tense of the week as House of Representatives Speaker John Boehner, the top Republican in Congress, dismissed spending cuts offered by the White House as “gimmicks and accounting tricks.” Either Congress has become the best orchestrated reality TV show in history or, and this is a big or, the market should really consider panicking soon.