I remember watching him as a kid on our 12" B&W T.V. Whether he was railing at the Ruskies or the Republicans, Harry's passion came through. He wouldn't have put up with these threats to destroy our fiscal reputation, to sabotage the country by increasing our bond interest payments. With him it was for real, and everyone, even a ten year old kid, knew it.
Here's the speech Obama must make, followed by the reasons that this is the only effective course
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My Fellow Americans
Five years ago as the junior senator from Illinois, I was facing a vote to increase the debt ceiling. Even though I understood that the limit had to be increased, I took the opportunity to win political points by voting against the bill. By doing so I could go on record as opposing increasing the national debt, without having to actually vote against any appropriations that would have been politically unpopular. It was the type of political deceit that harms the legitimacy of not only Congress, but government itself.
Unlike now, the increase in the debt ceiling was passed in a timely manner after the normal posturing of both parties, and there was no harm done to the nations financial health. At this very moment we are under a growing risk of losing the international standing of fiscal responsibility that has not only keep us prosperous, but has been a stabilizing force for the world. At this time I am speaking as the President of the United States, the elected executive of this country with obligations and authority defined by the constitution.
In this capacity, I have issued the following order to the Secretary of Treasury:
Pursuant to the Preamble, Article 2 and the 14th Amendment of the Constitution, you are instructed to disburse all lawful payments that represent obligations of the United States of America. This order is not dependent on any action of Congress that may or may not be forthcoming.
With this order, public law XXX that defines the limit on the national debt is vacated as unconstitutional.
(Pause)
The same constitution that provides the executive with authority to ensure domestic tranquility and promote the general welfare also provides for redress against an executive who oversteps his or her authority. It is defined in Article 1, Section 3 Paragraph 7, which is available to the elected members of congress who choose to avail themselves of such an option to remove a President from office.
Beyond that, the founders have provided for frequent elections, the next one being in 16 months where the ultimate sovereigns of this country, the people, will have the opportunity to decide these issues that divide us.
The process of controlling the unsustainable increase in the national debt shall continue, but it will not be made more intractable by increasing the interest that we must pay on outstanding bonds, the inevitable consequence of the continuing intransigence a majority of one of the two houses of congress.
The United States of America shall not default on the obligations we have made by both parties over many decades. However, the demographic and global realities demand a major restructuring of these obligations. It only becomes impossible, when elected officials lose site of their larger obligations, as I did when I voted against the debt limit five years ago.
Let us all get to work on solving this problem for the people who elected us to office
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