Here. And it's for the best. I'm not sure I'm so cynical I'd attach the word "ploy" or "gimmick" to it, but it's not a great idea.
...OK, maybe I'd say "gimmick".
Ultimately, we should not make the Fed conduct itself unprofessionably and unsensibly as a way around the fact that we can't get Congress to act professionally or sensibly.
We have another perfectly legal option to rebuke the Congress: the 14th Amendment. The 14th amendment takes default off the table by making it not just dumb but unconstitutional, which implies that Congress only has two options to ensure that the executive can execute the laws of Congress: change revenue or change spending (or, of course, both). You can't default on the debt and you can't invent a new way to do arithmetic, so you better change the revenue and spending directives that you give the president if your goal is to limit the debt.
Procrastinating on May 24, 2016
1 hour ago