The Uncertainty of the Debt Ceiling

Robert Levy: Default would be unconstitutional under the public debt clause. He says a congressional ban on all funding to pay principal on interest would lead inevitably to default and thus that would be unconstitutional as well. If default did result, if it loomed because Congress and the President aren't able to agree on a solution, there is at least a colorable argument for breaching the debt ceiling in order to not violate the 14th Amendment," he says.