With Tea Party and conservative Republicans in the House of Representatives holding firmly against any raising of the debt ceiling by raising revenue through tax reform and the ending of tax loopholes, it seems more likely that we may reach a situation where the good faith and credit of the United States could be lost by August 2, leading to a worldwide economic collapse that would put our nation into another Great Depression!
What could be done to prevent this scenario if no agreement is reached between the White House and Congressional Republicans?
As Secretary of the Treasury Timothy Geithner had suggested in May, the 14th Amendment, Section 4, would be a solution, as it guarantees all government debts must be paid, so the debt ceiling would automatically go up without a congressional vote under such a situation.
But now, there are threats of impeachment of the President, first suggested by black Republican conservative Congressman Tim Scott of South Carolina, a member just as looney as Congressman Allen West of Florida in his irrationality!
Of course, there have been threats of impeachment before over ending support of the Defense of Marriage Act; illegal immigration policy; and the “Birther” controversy by other nutty Republicans, and Obama will not let such threats deter him from doing the responsible thing!
But it means we may be moving soon from an economic crisis to a constitutional crisis, and if that is the case, bring it on, as there is no way that Obama would ever be removed from office by a two thirds vote of the US Senate!
The economic survival of the nation is more important than the fruitless move to impeach another President, bringing back memories of the abuse of impeachment by the Republicans against President Bill Clinton in 1998-1999!