Treasury Secretary Lew: "The only available option is through Congress"

[Avalux]

That was his answer when asked if President Obama could bypass Congress and use other measures to raise the debt ceiling.

"The White House has spoken quite clearly to this," Lew said. "The president does not have the authority to take action in that kind of a way. The president consulted with his lawyers, and that's the conclusion that he's reached."

The government will reach its borrowing limit on 17 October, Lew said. "I'm telling you that on the 17th, we run out of our ability to borrow, and Congress is playing with fire."

Lew repeatedly said that "50 to 100" members of Congress" stood in the way of a resolution to the crisis which has now shut down the federal government for five days. Such politicians, he said, referring to right-wing Republicans, had "changed the rules of the game".

http://www.theguardian.com/world/2013/oct/06/us-politics-congress

So....the Crazies can change the rules of the game without suffering the consequences, while Obama must play by the rules or....he'll be impeached.

Now that's hardly fair, is it? We have ways to get rid of Presidents and Supreme Court members if they stop following the 'rules', but not members of Congress.

[mchallenger7]

1. We need to reexamine using EO

I know Bo doesn't want to go there, but this is a different ball game than a government shut down. These traitors will stop and nothing and truly, the economic fate of the nation is at stake here.

I just keep thinking - ALL THIS is BETTER than implementation of Obamacare? REALLY? You think Obamacare would damage the economy WORSE than defaulting?

[stevenleser]

2. At that point, you have to start behaving like the only way to stop you is impeachment

You may not have the authority to do a lot of things as President. But the only potential check on you at this point is impeachment and the senate would not vote to convict if the reason you took action was to prevent the meltdown of the financial health of the country.

[tritsofme]

3. He would be challenged in court. The validity of the debt issued over the previous limit

would be extremely suspect, and carry a much higher risk premiumuntil the lawsuits were resolved. While possibly better than letting the limit lapse, it would not be the end of the saga. In addition there would definitely be an impeachment vote in the House.

[stevenleser]

4. Agreed with all of that. But it would give the public more time to get engaged and it would still...

have an impact on the markets that would be felt, just not as catastrophically as a complete default. The public would be furious with the GOP and we would eventually get a full debt ceiling raise and could at least limp along until January 2015 after which a massive Democratic majority congress would take over.