Bill Clinton: I would raise the debt limit and "force the courts to stop me"

Former President Bill Clinton listens to remarks by President Barack Obama at the Clinton Global Initiative on Sept. 23, 2010, in New York.

/ TIM SLOAN/AFP/Getty Images

Former President Bill Clinton said he would raise the nation's legal borrowing limit on his own if he had to and "force the courts to stop me" in order to prevent the United States from defaulting on its debt obligations for the first time in history.

Clinton said he thinks President Obama and Republicans on Capitol Hill are going to cut a deal before August 2, "and that's smart."

But "if it came to that," he would raise the debt ceiling using powers granted under the 14th amendment of the Constitution. The amendment says that the validity of the public debt shall not be questioned.

Treasury Secretary Timothy Geithner quoted from a copy of the amendment, which he pulled from his pocket, in a May interview with Politico, arguing that the clause undermines the Republican negotiating position that default is an option. Mr. Obama sidestepped the question in a subsequent press conference.

"I think the Constitution is clear and I think this idea that the Congress gets to vote twice on whether to pay for [expenditures] it has appropriated is crazy," Clinton said in an interview with The National Memo columnist Joe Conason.

Most economists, including Federal Reserve Board Chairman Ben Bernanke, and the Obama administration have warned of economic calamity if the $14.3 trillion debt ceiling is not raised in two weeks.

Lawmakers from both parties want to use the threat of that deadline to come to a larger agreement that would reduce the deficit going forward. But that deal has been elusive.

Clinton said that is partly because Americans generally think the debate is about raising the limit on future spending, not on money already out the door.

"The reason that raising the debt limit is so unpopular is that people think you're voting to keep [increasing] deficit spending, instead of voting to honor obligations that were already incurred," he said.

"I think [the Gingrich Republicans] figured I'd be smart enough to explain to the American people that they were refusing to pay for the expenses they had voted for when Ronald Reagan and George H.W. Bush were president. And that would make 'em look bad," the president said, explaining why he thinks Republicans in the mid-1990s did not force the issue on him the way the current Republicans have on Mr. Obama.

Special Report: America's debt battle

Meanwhile, Republicans in the House of Representatives plan to vote later Tuesday on a bill that would cut $2.4 trillion from the deficit over the next decade, even though that plan has no chance of becoming law as it is contingent on changing the U.S. Constitution to require balanced budgets in the future.

The "cut, cap and balance" legislation is unlikely to pass the Democratically-controlled Senate and Mr. Obama on Monday said he would veto it if it did. The bill would also cap government spending at 18 percent of economic output over the next 10 years, as much as $111 billion in 2012 alone.

The White House and congressional Democrats are pushing for a more "balanced approach," which would include both spending cuts and higher revenue to the government.

A CBS News poll released Monday found that 66 percent of Americans believe that the deal to raise the debt ceiling should include both spending cuts and tax increases.

Only 28 percent said they thought the deal should contain spending cuts exclusively, and a mere three percent wanted it to include tax increases only.

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War of words over the debt

[CWOODS8178]

BILL CLINTON IS CORRECT OBAMA SHOULD NOT WAIT ,RAISE THE DEBT LIMIT NOW

[drfeelrotten]

Boner has a new strategy to be unveiled Monday.. Do everything the way I (Eric Cantor) want or else everyone goes down the toilet with me.. Oh wait.. You still go down the toilet anyway so damned if you do, damned if you don't.

[IndicatorVeritatis]

That Boehner would be this childish and destructive does not amaze me. What amazes me is that he thinks his constituents haven't already been completely disgusted with him. Even before all this blew up, he was doing pretty poorly in the polls back home. I haven't seen a recent poll, but I am sure he is doing even worse now.

Maybe that explains his fanatical service to his lobbyists: he knows they are the only ones who support him, he will need their support after he is forced out of office.

[John_Rational]

Once the debt ceiling is raised the RepubliCON's become irrelevant. They can delay other things until 2012, but they can't actually DO anything. This debate represents the only possibility of furthering their agenda before they crash and burn in 2012. Their stand on this issue is one of the reasons they will pass into history in 2012. Insanity is always self-destructive. They can cause a little more trouble, but they are essentially a dead party now. They have been, and are, far more effective at destroying themselves than the Democratic party could have hoped for in their wildest dreams. They will cause no more trouble after 2012. At this point I am no more concerned about RepubliCONs than I am about the Wigs and Tories. Good riddance!!!!!

[JEANNIEMAC]

Obama is not the emperor of our nation. If he gets re-elected with the help of Soros, millions of Americans will march on Washington to throw out the usurper.

[IndicatorVeritatis]

That's quite a fantasy you have there. Soros has little to do with it. It is the massive and growing discontent with the Republicunning that has everything to do with it. Why, look at the lackluster candidates they have to offer for next year. They are worse than pathetic. Even if the economy tanks, President Obama will have no trouble pinning the blame on them and thus winning re-election.

[phuyay]

Clinton never had much respect for the law so I am not surprised he would try to bypass the congress. Well, we all know bill Clinton and Obama is no Bill Clinton. If Barry tries to go around congress, there would be an attempt to impeach him. That would be fun to watch.

[IndicatorVeritatis]

This is not even close to true. Even at his worse, President Clinton showed much greater and deeper respect for the law then either Rep. Boehner or Sen. McConnell, both of whom have shown total contempt for their oaths of office, preferring slavish service to their lobbyists over faithful service to their constituents.

[LosAngelesCA]

I always agree with Bill. He's my favorite President.

[inthemidwest]

Bill Clinton is one of the only truly alpha male presidents the U.S. has had. He is ABSOLUTELY RIGHT that Obama should invoke the 14th Amendment and get the job done and over with. This constant political show and threats are hurting the country--BOTH SIDES are hurting the country and its image around the world. That is what is truly unforgivable. And the world will not forget. The world still loves Bill Clinton and hates Bush II.

[pasha128]

Congress alread wrote the check for an additional $1.5 TRILLION in debt in April with the consensus of supermajorities of REPUBLICANS in both houses of congress (2/3 of the Senate Republicans and 3/5 of the house Republicans)

[qyeteye]

Thanks for standing up to the Republicans and passing the only federal budet of recent that was balanced. Just 3% taxes for the top 2% is all it took. Of course, the Republicans voted against that too thinking too entitled to their psychopathic delusions.

[ALBrainTrust13]

Didn't the Courts already "stop" CLinton before? Didn't he have his law license yanked for perjury?

[pasha128]

AL Brain Trust (appears bankrupt) -- resorting to right wing smears because there are no facts to support your delusions?

[PoChoBasura]

clinton is such a corpulant t*rd.......
turn off the camera, he will go away

[jvaljon1]

Nay nay, Brother Po...the REAL and ONLY CORPULENT T*RD on the current political scene, is your own BELOVED GOVERNOR CHRIS CHRISTIE of New Jersey. He's a T*RD in a few other ways, too: he just sold off Public TV in New Jersey last week. He tells his constituents that "it's none of their business" what he does on their dime. And CORPULENT?! Gov. Chris Christie makes President Bill Clinton look like a toothpick in comparison.

Anyway, Po...you live in a really GLASS HOUSE where corpulence and t*rd-hood are concerned.