Standard & Poors downgraded U.S. debt today because of President Obama’s brinkmanship during the debt ceiling negotiations.
President Obama publicly threatened not to pay U.S. debtholders unless his demands more met, and week-kneed Republican lawmakers went along with that he wanted.
It is now clear that Speaker Boehner and other Republicans should have emphasized the 14th Amendment’s role in the debate. Republicans should have made it clear that A President who does not pay America’s debts, or incurrs new debts without the consent of Congress, no longer holds the office of the President.
Instead, weak kneed Congressional Republicans went along with another spending binge, and world markets learned that the President can get what he wants by simply threatening not to pay back our bills.