As we approach financial doomsday with the current clash of ideologies regarding whether or not the debt ceiling should be raised, revenues increased and/or programs cut, one thing stands out that, to my knowledge has not been addressed:
The Line Item Veto.
There was an experiment with the line-item veto a few decades ago, I believe, wherein the President could simply cross out expenditures he did not approve of, and then sign the budget. It’s not constitutional.
When the debt ceiling fecal matter hits the fiscal fan, the Executive Branch will be forced into a situation where it can only pay out as much as it takes in: i.e. we will have, by default (no pun intended), a balanced budget. WITH ONE HUGE CAVEAT:
THE PRESIDENT WILL GET TO CHOOSE WHICH BILLS GET PAID AND WHICH DON’T. Republicans will have essentially handed President Obama a line-item veto on a silver platter.
This author humbly suggests that all federal funding that flows to Republican districts have their funding stopped. After all, discrimination based on political affiliation does not violate the Constitution. The voters in those districts elected Republicans. Why not make them pay the price of their choice?
Republicans are handing over immense power to the President. Companies that contribute heavily to Republicans and right-wing PACs could suddenly see their federal contracts dry up on August 3. And there’s not a damn thing Republicans can do about it…except vote to extend the debt ceiling – on a clean, stand-alone bill.