On August 2nd, the United States does not have to default. If Obama continues to authorize payment of obligations under interpretation of the 14th Amendment (Section 4), in order to stop that action Republicans must appeal to the Supreme Court ... essentially to force the US government into default. Scalia, Thomas, Alito, and Roberts might be willing to go there, but not Anthony Kennedy. Former Republican Andrew Sullivan:
It's a stretch, though kind of fun, to imagine Congress going to court to force the country to default on its statutory obligations -- to bondholders, to seniors, to whomever. Kind of like suing yourself for going off your diet. It's even more of a stretch to imagine the Supreme Court ordering the country into default, over the President's determination that doing so would profoundly damage the country's interests. Not likely. Almost certainly, the Court would find some other, more reasonable way to square conflicting laws. There are many ways to do it short of creating a national (international?) emergency.
So, if I'm President Obama, and I'm really up against it... no, I don't default. I say, "Sue me."
Wow. How humiliated will the GOP feel if that happens? Unlike the Japanese, there's no way for us to allow them to save face.
Do you think Boehner and McConnell will be relieved of their command and replaced with Can'tor and ... I don't know, some other TeaBagging lunatic Senator? Cornyn? Kyl?
They had the grandest of bargains on the table and they walked away from it, apparently under the mistaken belief that they could do better. It's almost like Obama knew they wouldn't take it. Where do they go from here?
I almost -- not quite, but almost -- feel sorry for them.