If Congress and the President do not reach an argreement on the debt ceiling, the U.S. could default for the first time in its history. Since this has never happened before, we don’t know with certainly what will happen. But do we want to take a chance to make a point?

I am of the opinion that an agreement is the best course but that the President can act by himself and ignore the debt ceiling but that is opinion. There are arguments on both sides.

Article 2 Section 3 of the Constitution says of the President:
… “he shall take Care that the Laws be faithfully executed” …

So if congress passes a budget that requires borrowing by spending more that revenues, the President has a duty to bowrow so he may execute the laws. It would seem unfair and perhaps unconstituional to limit his abilities.

On the other hand, Article 1 Section 8 of the same Constitution gives Congress the power “to pay the Debts” and “To borrow Money on the credit of the United States” so maybe there is a Constitutional case for the debt ceiling.

I don’t knows how the Supreme Court would come down on this. Sort of like the War Powers Act in that both sides have a good argument but both also have much to lose if the courts decide that the other side has a better argument.