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Expert Talks About Debt Ceiling, 14th Amendment
(IRN) -- Some congressional Democrats believe the Constitution allows a unilateral increase in the nation's debt ceiling, but a political expert says that's not a good idea.

Amendment 14 Section 4, crafted during the Reconstruction period following the Civil War, states that the nation’s debt shall not be questioned. It essentially gives the president the power to raise the limit himself. However, Jim Nowlan of the Institute of Government and Public Affairs at the University of Illinois warns the economic consequences could be dire.

"The possible use of the constitutional option by the president would throw uncertainty into the mix, which financial markets don't like," he says.

Nowlan says the fate of the tactic is uncertain, because Amendment 14 Section 5 allows Congress to enforce the action through legislation. The issue likely wouldn't be resolved before the Aug. 2 deadline.

(Illinois Radio Network)
07 31 11 by Newsroom
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