Now, thanks to the new law, the president may increase the national debt on his own initiative, without limit

The power to borrow and the power to go broke

By Dean Clancy

On Oct. 16, Congress gave President Obama a blank check. That’s right. For the next three months, our chief executive will be able to increase the national debt as much as he wants, and as a practical matter, no one will be able to stop him.

A newly enacted law, H.R. 2775, temporarily suspends the U.S. government’s statutory debt limit and shifts Congress‘ borrowing power to the president. This is a radical and unprecedented delegation of power that should trouble every American.

The only good news is the new law expires on Feb. 8

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