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25 May 2023, 10:22 am by Michael C. Dorf
Of course it's more practical on June 2 (or whatever the X date ends up being) for Treasury to do exactly the same thing it has done on previous days: sell bonds. [read post]
25 May 2023, 5:01 am by Conor Clarke
The first, and probably the more intuitive usage, refers to a failure to make payments on the public debt securities of the United States, like bonds and Treasury bills. [read post]
24 May 2023, 9:11 am by Michael C. Dorf
Congressional standing is difficult and the purchasers of any bonds sold to the public would have made the voluntary choice to accept the bonds under a cloud, for which they will have presumably been compensated with an interest premium. [read post]
24 May 2023, 7:40 am by Conor Clarke
During the First World War, Congress did aggregate some previous bond-issuance authorities in a single law, the Second Liberty Bond Act. [read post]
24 May 2023, 7:04 am by Larry
 In his first-level administrative appeal, Mr. [read post]
22 May 2023, 4:30 am by jonathanturley
” This purported 14th Amendment loophole would reduce the separation of powers doctrine to junk bond status. [read post]
21 May 2023, 9:00 pm by Neil H. Buchanan and Michael C. Dorf
Again, if the administration continues to be committed to its existing strategy, none of us should currently be any the wiser. [read post]
21 May 2023, 7:12 pm by Adam Levitin
And even if the administration were to lose, so what? [read post]
16 May 2023, 9:01 pm by Neil H. Buchanan and Michael C. Dorf
Oddly, though, here is what they are not saying: that the President should simply pay all bills when they come due so long as there is money and delay payment on whatever bills come in after that; as additional revenue from taxes and other sources arrives, the administration would pay the most overdue bills first, sinking further behind each day but employing a relatively mechanical chronological method to decide who gets paid. [read post]
  Under either scenario, however, contractors would see delays in payments—perhaps even more so if the Treasury chooses to prioritize bond payments and/or mandatory spending programs like Social Security. [read post]
14 May 2023, 9:00 pm by Neil H. Buchanan and Michael C. Dorf
The Fallback ApproachThat question rests on the faulty premise that the administration must choose only one tactic. [read post]
14 May 2023, 9:00 pm by Michael C. Dorf
, we offer the Biden administration a novel approach. [read post]
14 May 2023, 2:31 pm by Joseph Fishkin
It follows that Biden Administration has a constitutional duty to explore, carefully consider, and potentially execute one of these extraordinary maneuvers, if there is one that will make it possible to follow all the statutes.In an earlier post I mentioned three potential maneuvers of this kind: the trillion-dollar platinum coin, consol bonds, and so-called premium bonds. [read post]
11 May 2023, 9:00 pm by Vikram David Amar
” In other words, Kilborn alleges that government (the UIC administration) has violated his First Amendment rights by unconstitutionally compelling his speech. [read post]
11 May 2023, 6:30 am by Joseph Fishkin
Imagine that a $1,000 bond matures, and this time, instead of doing what it normally does and issuing another $1,000 bond, Treasury issues a $500 bond that pays extra interest—enough extra that the market will pay as much for this bond as it did for the old one that just matured. [read post]
11 May 2023, 3:04 am by Seán Binder
  The Biden administration is preparing a memo that will direct Customs and Border Protection to begin releasing migrants into the U.S. without court dates or the ability to track them, according to three sources familiar with the plans. [read post]
10 May 2023, 9:01 pm by renholding
In those sectors, even marquee names have suffered as macroeconomic uncertainty persists and potential sources of capital retreat to government bonds and other safe assets. [read post]
10 May 2023, 6:02 am by Michael C. Dorf
Maybe the beneficiaries of pension funds and other institutional holders of bonds might bring contract suits against the funds for purchasing the debt-ceiling-violating bonds, but if the administration is worried about that possibility, there's an easy way to avoid it: sell the bonds only to the Fed. [read post]
5 May 2023, 8:28 am by Katie Hoeppner
Hayes, challenging prolonged detention of asylum seekers without a bond hearing. 2014 & 2015 Credit: Julia Robinson The ACLU files two lawsuits challenging the Obama administration’s policy of locking up asylum-seeking mothers and children in Texas and New Mexico in order to intimidate and deter others from coming to the United States. [read post]