Sometime in the next 24 hours we will be switching European Tribune over to a new layout. This will involve a little downtime and no doubt some teething troubles. Do not adjust your set. - Colman

The US constitution was written on the assumption that the budget Congress approves is an authorization for a maximum, not a mandate to spend.

That is wrong, or at least irrelevant, per Nixon's experiment with unilaterally underspending.

Under such conditions a debt ceiling makes sense.

There's no constitutional basis for a debt ceiling. It was a purely symbolic act of Congress, to provide fake reassurance for the public that the first world war would be fought on the cheap.

- Jake

If you only spend 20 minutes of the rest of your life on economics, go spend them here.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sun Jan 13th, 2013 at 07:31:36 AM EST
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