Avoiding it extrajudicially, however, involves giving the president COG authority by other means for a different purpose. It would end congressional power, already surrendered on war and peace issues. "Now Congress would lose its power over debt, taxes, and the budget itself."
In fact, it might as well close shop and leave if it gives the president sole governing power on issues mattering most. Will it happen? Perhaps with a looming August 2 deadline, but maneuvering could extend it until September 30. The FY end may be the real drop dead date by which the debt ceiling issue must be resolved.
It will be now or weeks later. Default won't happen because the consequences would be too catastrophic. However, popular interests will be sacrificed to avoid it.
At the same time, Senate party leaders have another solution in mind, weakening constitutional power with it. Proposed by Minority Leader Mitch McConnell (R. KY) and Majority Leader Harry Reid (D. NV), it would establish a Super Congress, an idea a despot would love as one step from a Super President, aka a dictator.
The McConnell/Reid idea would empower 12 lawmakers, six from each party, to fast-track legislation through both Houses without amendments. In other words, Big Money-written bills would be voted on up or down, no changes. It will facilitate ending social contract protections and enact more police state enforcement laws, crushing opposition to transfer all public and private wealth to capital interests running America, making it more than ever unfit to live it.
The deal is done, perhaps with Super Congress authority, an idea House Speaker John Boehner (R. OH) endorses in two steps. In fact, multiple steps will entirely destroy America's social contract, leaving working households on their own sink or swim.
All New Deal/Great Society programs will end. Privatizing profits while socializing losses on steroids will accelerate more than ever. Poverty, homelessness, hunger, depravation and despair will grow. America will resemble Guatemala in the worst sense.
Obama's duplicitous rhetoric seduces Americans to support it, the same "shared sacrifice" baloney that's all sacrifice and no sharing. His latest July 25 monologue dripped with cynicism, asking Americans to endorse their own demise, at the same lavishing handouts on corporations and America's super-rich, omitting details to conceal them.
Last year, his National Commission on Fiscal Responsibility (NCFRF) laid the framework, the hellish Simpson/Bowles agenda, calling for:
-- ending or capping middle class tax breaks, including deductions for home mortgage interest and tax-free employer provided medical insurance;
-- taxing capital gains and dividends the same as ordinary income; long-term capital gains and qualified dividends are currently taxed at 15%;
-- lowering income tax rates dramatically to 9, 15 and 24%, down from six current brackets ranging from 10 - 35% for income over $373,650;
-- slashing corporate tax rates from the top 35% rate to 26%, combined with eliminating some deductions, but creating loopholes that more than make up the difference;
-- making permanent the research and development tax credit;
-- making deeper Medicare cuts; increasing Medicaid co-pays; slashing $54 billion from graduate medical education; and enacting "comprehensive tort reform," making it harder for aggrieved patients to file malpractice suits;
-- raising the Social Security retirement age to 69 by 2075; reducing cost-of-living increases, now based on annual inflation rates; raising the payroll tax ceiling to $200,000, letting million dollar earners off the hook like now;