Some facts about the debt ceiling hysteria
FACT 1
The debt ceiling... gawd this is a freaking joke, isn't it? Currently it's viewed as a debt ceiling beyond which we will not borrow any more money.... Yet we will consistently overspend those limits, and just as consistently raise those limits. WHAT IS THE POINT OF WASTING TIME VOTING ON THIS WHEN IT HAS NO PURPOSE TO BEGIN WITH? If it does not serve as an impedance to spending, or even a guideline, it serves no useful purpose. Abolish it or change it.
This was a law enacted in 1917 to perform an end run around budget restrictions that could hamper our efforts in the Great War, and to allow for more "flexible" borrowing by congress. It was then a justification for a fundamental change in how congress borrowed, and is now just a formality. It was replaced by laws passed in 1939 and 1941, and finally aggregated into a single piece of legislation.
FACT 2
Congress, by it's own rules, began automatically raising the ceiling when passing a new budget in 1979, no vote required, simply the passage of a new budget. Any past purpose it might have had (and it had none) died that day. It should have been abolished or repealed. Of course, getting rid of it would remove the extremely thin veil of responsibility our public servants project by admitting they really don't care how much they spend, or these days, how fast. However, it was at this time, and every time after 1979 that we'd missed the opportunity to have the debate that is happening now, during such highly charged and dangerous situations, created by the very people who are asking us to trust them, they can fix this.
FACT 3
The Tea Party - On the one hand, it's a debate that has been long coming, and the TP should be credited for making all of us take a look at something that has not served the people well outside of two world wars, and which we have been completely ignorant of until now. But if you all miss the larger, more important underlying issues, what will have been the point?
On the other, this minority movement (20%) of the flailing and faltering republican party, is holding America hostage. They have used this very crucial time, not just to make a point, but to hold hostage what remains of personal wealth among the average citizen, and further threatening to wreak havoc on the entire world if we default on something that should have been discussed during the last budget, and the one before that, and the one... you get the idea. The rest of the republican party and the rest of the nation should be exerting considerable pressure on them to back the hell down and take up this debate as part of the election platform, and we'll see what merit it has.
FACT 4
Default - Not gonna happen. If it did, we would deserve more scorn heaped on us as a people by the citizens of the world than we experienced with Bush. If we default, we affect the world economy, if we don't, but still see a downgrading in our securities rating, that only largely affects us. And we deserve it.
With an administration so heavily invested in Wall St appointees, there is little chance that a default is in the realm of possibilities... unless it benefits them to do so. If a default happens, I would be very skeptical as to the reasons why.
We can all spend our lives pointing fingers at this political party or that, to this law maker or that, all while collectively scratching our heads (or asses) wondering how we got here (more likely not wondering at all, see scratching ass). The fault with all of this lies with us, the People. We are the rulers of this country. We have failed to demand accountability of our elected public servants. We have allowed ourselves to be divided from our first responsibility, remain skeptical and vigilant of our government, and when it stops working for the People, change it.
FACT 5
The drama over the 14th Amendment. Using the constitution, requiring some manner of interpretation where specifics are absent, is always dangerous when setting precedent. I advise against it, and it is unnecessary. The President can accomplish the same thing using an Executive Order to raise the debt ceiling to avoid crisis and returning the power to congress when and if they get their act together.
Executive Orders are generally used "as the authorization allowing for their issuance to be justified as part of the President's sworn duties,[1] the intent being to help direct officers of the US Executive carry out their delegated duties as well as the normal operations of the Federal Government"
The debt ceiling would certainly fall within this description without having to mess about with the constitution and setting dangerous precedents.