His Majesty Obama and the Debt Ceilingby Wendy McElroy
Jan. 11, 2013
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President Obama may be poised to claim an unprecedented executive power. Or not. It depends on whether you credit official denials from White House Press Secretary Jay Carney or public statements from high-ranking Democrats. The monarchical power in question is the ability to raise the debt ceiling at will. It involves bypassing the House of Representatives, which currently has the constitutional authority to initiate all revenue bills.