Laurence Tribe Biden needs to do what congress says to do.

Laurence Tribe Biden needs to do what congress says to do

Laurence Tribe @tribelaw

My thoughts on MSNBC on May 10 about why President Biden has no reason to think any court would— or even could — order him to stiff some who’re owed money by the US in order to comply with the debt ceiling despite Sec 4 of the 14th Amendment:

@BruceBartlett
Libertarians believe that contracts are sacrosanct. Yet I don’t see any of them raising concerns that the federal government might break its contract with bondholders to pay their interest & principal exactly when due in the event of a default caused by the debt limit. On the contrary, many libertarians would welcome a default because their hatred of government is greater than their belief in the sanctity of contracts. Some say anyone who buys a government bond is fool at best and the tool of an immoral state at worst. Also, contracts can only exist if there is a government to enforce them. (Hobbes 101.)

Experts across the ideological spectrum agree that failure to increase the debt limit would have grave consequences for the U.S. economy, the global financial system, and the well-being of American families. This, out today, summarizes their conclusions:
https://twitter.com/jeanmarionross/status/1656670717562470405

Moody’s Analytics has projected that a default lasting even a few weeks could cause a recession resulting in the loss of nearly 6 M jobs and a stock market fall off of almost 1/3.
https://t.co/kj0JPHoBz6

A default would almost certainly result in a downgrade in the credit rating for U.S. government securities, which would, in turn, lead to higher interest rates, raising the cost of borrowing for govt, families, and businesses.