He's Ready For The Clown Suit

[Kevin Drum suggests and I strongly concur that the language seemingly enabling the Trillion Dollar Coin does no such thing - briefly, "bullion coin" has a meaning upon which Congress relied in drafting the law. See "BEFORE THEY STRIKE THAT COIN THEY BETTER GET THE US MINT ON BOARD", after the opening frivolity.]

Paul Krugman explained that as long as we can get comfortable with the idea of our Treasury Secretary briefly donning a clown suit to save the country, we should be ducky with the idea of the Trillion Dollar Platinum Coin.

Well, the reported new Treasury Secretary will be Obama's chief of staff, Jack Lew. Ryan Lizza has a pic of the signature that will soon grace our currency, and I think we can all agree that the clown suit will fit him well.

At this point I think you have to say, why not?

BEFORE THEY STRIKE THAT COIN THEY BETTER GET THE US MINT ON BOARD: Kevin Drum delivers a breakthrough insight in this post:

In a way, though, I wonder if this is yet another reason to think that the trillion dollar coin wouldn't be legal. Remember that its authorization comes in a sentence devoted to the minting of bullion coins. But as a lawyer friend emailed to me this morning, "bullion coins are generally understood by other statutes within the US Code to be coins with a value effectively equal to the market value of the precious metal bullion in them. The trillion dollar coin is not that."

Excellent point! As I peer through this section of the law on coinage I can't find a specific definition of "bullion coins". However, as I argued earlier, it was clear that in the cases of gold, silver, and later palladium Congress intended the value of the coin to be determined by the value of the metal, not the nominal value stamped on it. For example, the one ounce gold coin is struck at $50, with gold over $1,600 an ounce.

For the meaning of "bullion coin" we can turn to the US Mint for guidance:

Congressionally authorized American Eagle Bullion coins provide investors with a convenient and cost effective way to add a small amount of physical platinum, gold, or silver to their investment portfolios. The American Eagle Bullion program was launched in 1986 with the sale of gold and silver bullion coins. Platinum was added to the American Eagle Bullion family in 1997.

A bullion coin is a coin that is valued by its weight in a specific precious metal. Unlike commemorative or numismatic coins valued by limited mintage, rarity, condition and age, bullion coins are purchased by investors seeking a simple and tangible means to own and invest in the gold, silver, and platinum markets.

They don't seem to be in much doubt as to the meaning of "bullion coin". Nor will a judge, or a Treasury lawyer, or a Fed lawyer when asked to opine on the legality of the Trillion Dollar Dodge. A quick reprise of the text authorizing platinum coins (my emphasis):

(k) The Secretary may mint and issue platinum bullion coins and proof platinum coins in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary's discretion, may prescribe from time to time.

Proof platinum coins won't provide wiggle room for the Coiners - they are a subset of bullion coins. Back to the Mint:

Aside from the proof version, the United States Mint does not sell American Eagle Bullion coins directly to the public. Instead, the Mint distributes uncirculated Bullion coins through a network of wholesalers, brokerage companies, precious metal firms, coin dealers, and participating banks, a network known as Authorized Purchasers.

The minimum impact of the "bullion coins" language will be to give any Treasury lawyer opining on the legality of the Trillion Dollar coin very serious pause, since the issuance would be defying Congressional intent, customary practice, and the conventional meaning of "bullion coin". The maximum impact would be to persuade Treasury that the Trillion Dollar coin is clearly out of bounds.

SINCE YOU ASKED MY OPINION: As to the legality of the Trillion Dollar Coin, Congress routinely has limited the Treasury Secretary's authority to print money or issue gold and silver coins. The platinum glitch was at worst a drafting error which violates history and past practice. Issuance of the Big Coin would be an institutional power grab moving the creation of money from the Federal Reserve back to Treasury, so the Fed may want to protect its turf.

My call - even if the Treasury can find lawyers willing to sign an opinion blessing their sale of the coin, the Fed will not want to find lawyers blessing their purchase of it. The Fed will want to protect their turf, duck an obvious Executive-Legislative struggle, and stay away from a coin the legality of which is far from obvious. No Sale.

ONE WORD: Sale-leaseback. 'Nuff said.

...Or is that two words? Fine. Sell the Seventh Fleet, or ANWR, or Yellowstone National Park to the Japanese for $500 billion and lease it back at $25 billion a year for twenty years (plus a bit more to reflect the time value of money, but not "interest" since this isn't debt). Include a cancellation/payback option for the US.

The Treasury nets $475 billion the first year and then bleeds out over time. But in the interim the debt ceiling problem ought to be resolved, in which case new debt can be issued and the cancellation option of the lease can be exercised. As long as we have friends in Japan willing to play ball it should work fine. We do have friends there, yes? They better be friends, becasue we aren't really going to deliver the Seventh Fleet, or ANWR, or Yellowstone in the event of default, so it is a bit of sham security.

Is this legal? HTFWIK? But it has to be legaler than a trillion dollar platinum coin.

CLEAR INTENT: The original 1995 version of this coinage bill died in Congress, but the language and intent were clear:

(6) SALE PRICE-

• ‘(A) BULLION- The bullion versions of the coins issued under this Act shall be sold by the Secretary at a price equal to the sum of--
• (i) the market value of the bullion at the time of the sale; and 
• (ii) the cost of minting, marketing, and distributing the coins (including labor, materials, dies, use of machinery, and promotional and overhead expenses).
• (B) PROOF VERSIONS- Proof versions of the coins issued under this Act may be sold by the Secretary at a price equal to the sum of--
• (i) the cost of designing and issuing the coins (including labor, materials, dies, use of machinery, overhead expenses, marketing, and shipping); and
• (ii) a reasonable profit.

Why that language disappeared in the final version adopted a few years later is a legislative mystery. Coiners can insist that dropping the language shows Congress intended to open the door to the Trillion Dollar Dodge. Others will say that "bullion coins" is a phrase with a well-known meaning in numismatic circles.

Well - there is a glaring drafting error in ObamaCare relating to state-run exchanges, so mindless literalism might not be the best path for Dems to take.

KEVIN DRUM, ALCHEMIST: Platinum, lead - everything he touches turns to gold.

Comments

[matt]

let's get the graphologists on this stat!!!

[centralcal]

Just think how much time and energy is expended is making all those loops!!! He could do a "j"-slash "l"-slash and hardly move a muscle or lose a second.

[sammy small]

I detect symptoms of ADD. That will help immensely

[Rob Crawford]

Sadly, this clown suit features ass-less chaps and little else.

As for that signature -- ISTR a cartoon about that character and a straight line vying for the affections of a circle. Ah, yes, LUN...

[Rob Crawford]

The dot realizes that she has made a mistake: what she had seen in the squiggle to be freedom and joy was nothing more than chaos and sloth.

[Ignatz Ratzkiwatzki]

He's gonna have to expand his siggy about four loops to make it look right;

[Jim Eagle]

The only thing loopier than Lew's signature is the left wing trying to put a positive spin on it.

Ezra Klein is quoted as saying something to the effect that the dollar will rise in value as result of his signature?

The Atlantic Spins out of control

[Dave (in MA)]

http://store.krazystraws.com/category/StrawPacks.html

[Danube of Thought iPad]

No sale, for sure.

[Beasts of England]

I have a laughable signature that has slowly devolved over the decades, yet I can't decipher the point of departure for his. But if Ezra Klein says it's good for our dollar, then I'm completely satisfied and will sell my gold coins now before their value plummets...

[Porchlight]

I count nine zeros in that signature. Sounds about right.

[Porchlight]

p.s. I have a's, o's, and e's in my name, and I don't have any zero-like squiggles in my signature. So it's not the letters in the name that produce the giant squiggles.

[NK]

TomM-- completely agree. Moreover, Krugman's support of the TRILLION Dollar Platinum coin will give you thread material for weeks-- maybe months.

Question for you TomM-- Does Ben B buy Jack Lew issued bonds post-February when the debt limit is formally breached?

[Melinda Romanoff]

I have a signature that resembles a very bad EKG reading, right before it goes flat.

[Jim Eagle]

Some good news for CH and other Redskin fans:

RG3 surgery successful.

Here is Dr. James Andrew's statement

Major repair ont he LCL and repair on previous ACL tear. Very positive statement. Knowing RG3 he will work his butt off to make sure he is ready for training camp if not the season opener. But the LCL is one that does take time and more an asset to RG3 with his type of play than an ordinary ACL rehabilitation.

[Threadkiller]

More swirls than an El Paso lap dance...

[Jim Eagle]

New stuff on GZ. O'Mara is contending Serino rewrote the initial police report. The Martin family legal team is crying that someone pressurized him. On another note, Crump is the keynote speaker at the annual MLK dinner in Orlando. Keeping up the failed PR campaign.

[Jim Eagle]

The CF13 report on my GZ post

[NK]

JiB-- thanks for the info. That case is carrying on like Stalingrad. Hopefully, it plays out with the prosecution, playing the Vehrmach.

[Melinda Romanoff]

JiB-

O'Mara reminds me of the last clean shirt in a Stooges Pie Party. You know what's coming, just not by whom.

[Melinda Romanoff]

Hilda Solis- OUT!

[Gus]

Jack Lew is a good man. Someone on this blog once knew hims "once removed"or something, and Ol Jack eats cheese for lunch at his desk, etc etc etc etc.
He's the man for the job.

What could go wrong?

[Melinda Romanoff]

I suppose the Commerce SSecretary will be the next to quit.

Oh, wait....

[NK]

MelR-- Hilda Solis quits? ... well the mean IQ of the cabinet went up by almost and order of magnitude...

[lyle]

Sadly, this clown suit features ass-less chaps and little else.

For you non-westerners: All chaps are, ahem, ass-less. Otherwise they'd be...pants.

[NK]

MelR-- did I muis something about Gary Locke?

[Captain Hate]

Some good news for CH and other Redskin fans

I'm almost embarrassed at how much I was agonizing over this since Sunday.

[Porchlight]

David Lee Roth, call your office...

[Neo]

Revenge of the Chief Justice ...

In January of 2012 Mr. Noonan filed suit with 6 other electors in California to prevent the Secretary of State, Debra Bowen from placing Mr. Barack Obama on the California Primary Ballot. Mr. Noonan and the other petitioners claimed that Mr. Obama had not proved that he was a U.S. Citizen. The case was dismissed by Judge Micheal P. Kenny of the Sacramento Superior Court and was appealed in August of 2012.

Chief Justice Roberts gave "cert" to hear the case today.

[Rob Crawford]

For you non-westerners: All chaps are, ahem, ass-less. Otherwise they'd be...pants.

This particular usage emphasizes that fact to increase the horror.

[Gus]

Barney Frank pefers his CHAPS with Asses.

[Porchlight]

Tell your lefty friends. Jack Lew got a $950,000 bonus from Citigroup post-bailout. HuffPo: http://www.huffingtonpost.com/2010/09/21/obama-nominee-jacob-lew-f_n_732594.html?view=print&comm_ref=false

Fat cats.

[Gus]

Porchlight, That's a lot of Cheese sandwiches at his desk. NICE MAN that JACK LOOOOOOOOOO.
And he's a Orthodox Jewish Cheese sandwich at his desk eater tooooooooooo.

[Melinda Romanoff]

NY to seek higher unemployment rates.

Cuomo proposes minimum wage hike.

[Melinda Romanoff]

Holder, Sebelius and Shinseki to get 2nd terms.

[NK]

Holder - stuck in a F&F Mexican standoff with HRH Barry I -- Holder can't go anywhere;

Sebelius-- she's the KeyGal, writing all the Obamacare regs to destroy the health insurance industry;

Shinseki -- who?.... nuff said...

[Clarice]

I know Jack. He's a nice , honest guy even though he started out and remained a Tip O Neill dem and I did not. He's known for his ability to cut deals with Congress on budget matters.
As for his Citi bonus, I didn't look it up but I doubt if it was out of line with other Citi bonuses..the people who work there get paid largely at the end of the year in bonuses. BTW I think every college administrator in this area gets over $1 m in salary, generous pension and travel and entertainment allowances and munificent free housing.And none of these schools, with the POSSIBLE exception of GT is first rate.

[Threadkiller]

http://www.supremecourt.gov/Search.aspx?FileName=/docketfiles/12a606.htm

[bio mom]

http://blog.zap2it.com/pop2it/2013/01/bill-clinton-named-father-of-the-year-by-national-fathers-day-council.html

Good Grief! Now Mitt Romney as Father of the Year I can see. But Bill Clinton????

[Gus]

Yes Clarice, he's real good guy, because you KNOW HIM!!!
So is every RINO in Congress. Just so long as YOU KNOW HIM.

[NK]

Clarice-- when HRH Barry I orders SecTreas Lew to issue new debt in violation of the statutory ceiling (or mint the nonsense platinum coin) what does pious man Jack Lew do?

[Threadkiller]

"Every petition that is docketed at the U.S. Supreme Court, and remains on the docket, will eventually be distributed for a conference, usually held on a Friday. The date of the conference depends upon whether or not the Court is in session, in recess or on vacation. (There were 39 conferences during the 2011 Term.) Does this mean the Court will discuss each petition distributed during their conference? Absolutely not! Although this is a very closely guarded secret, I would estimate that, at best, only 20-25% of the petitions distributed for a given conference are actually discussed during that conference and few, if any, of those discussed, are granted. Those which aren’t discussed, become automatically denied."

http://www.counselpress.com/page_blog_single.cfm?bid=11

[Porchlight]

Clarice, I don't really care about the bonus. But lefties do, and Obama once pretended to, just like he pretended to care about lobbyists, and the deficit, and Gitmo, and well you get the drift.

[Jim Eagle]

Jack Lew is a little like Joe Lieberman - Orthodox Jew who observes the Sabbath but probably much more liberal. He attended Carelton in Minnesota and had the great liberal pleaseure of being taught (indoctrinated) by Paul Wellstone. Before he worked for Tip he was with Joe Moakley.

He may pack his lunch of cheese sandwiches and has a big bonus from that creepy Wall St. but he is a full blown left wing truther and is Obama's ear whisperer when Val Jar has to go to the toliet.

[NK]

JiB-- OK so Lew happily signs the Bond issue (or puts on the clown suit and mints the platinum) in February. I hope is is promptly impeached.

[Porchlight]

He attended Carelton in Minnesota and had the great liberal pleaseure of being taught (indoctrinated) by Paul Wellstone.

What? Well, we have two things in common then.

Except I dropped Wellstone's course after the first week.

[NK]

Confirmed in January... impeached in February?-- gotta be a record.

[Clarice]

No, he went to Carleton for just one year, then he switched to Harvard, JiB.

Lefties only care about substantial remuneration of SOME people. Over paid sports, entertainment, media and academic workers bother them not at all.

[Clarice]

I no more think Obama will issue the platinum coin than I think he'll issue an executive order confiscating guns.

[Jim Eagle]

Clarice,

Sorry I should have clarified that but he did go to Carelton as i stated. Yes, Harvard then G'Town Law.

[The Shark]

Clarice, thanks for playing. You've just jumped the shark.

[maryrose]

Jack Lew for Treasury. Nothing surprises me anymore. Let's get on with the Inauguration and let this Bozo finish out his 4 years. Between him and Clinton that's 16 years of not much happening to keep America great and proceed to a positive future. I haven't felt this way since Big Dog's second term where I predicted problems and they showed up 16 months in the form of Monica Lweinsky. The same will hold true for Obama. A perfect Benghazi and Fast and Furious storm is on the horizon.
OT; Fitzgerald who is thinking about challenging Kasich is the only person I know who can oppose a new Governing group and then run and win the position of Chairman for a group he never wanted in the first place. Needless to say I campaigned for his opponent who was denied the job because of a phony 3rd party person put in as a spoiler. Fitzgerald said on the news last night that there should not be a Dem primary because it would weaken the Dem candidate,namely him.

[Clarice]

Gus, I didn't say I agree with his politics. To the contrary, I said I didn't. But surely there's no law that says people we disagree with are ALL crooks and liars. In any event, he's neither. I only attest to his good character.

[Gus]

Clarice, you sound like the friends and neighbors of every kook we see on the news. But, but, but he seemed like such a nice Commie. I never ever thought Jack Looooooooo, would x,y, or z.
Clarice, Jack Loooooooo is either a complete bumbling nerd imbecile, or he's a Marxist/User/phony.
The LATTER is Jack Loooooooooooo. Nothing personal Clarice, but your judgement is way way way way off base.

[Porchlight]

The same will hold true for Obama. A perfect Benghazi and Fast and Furious storm is on the horizon.

maryrose, I too think there is trouble ahead for Obama. But I don't know if we can predict it that neatly. Lewinsky after all was out of the blue (sorry) in that we knew what kind of guy Clinton was, but we didn't know exactly what form the bimbo eruption was going to take, or when, or where (Oval Office).

"Events, my dear boy, events." They're going to happen. Let's just pray they derail Obama's second term but are not also destructive to the nation.

[Clarice]

Possibly, Gus. senator sessions says Lew lied to Congress re the 2012 budget and he will oppose him.It's just that I never knew of Jack to be dishonest.

[Clarice]

maryrose, I , too, think the bloom is off Obama's rose and this term will be very difficult for him. A lot of scandals have been denied air and pretty soon they won't be.

[matt]

Clinton is probably father of the year simply because he has so many offspring roaming about out there. We may not yet know about any of them, but a hound dog like him surely leaves a trail. Next will be John Edwards.

I'm with Clarice on the platinum coin but not necessarily on gun control. This one is being whipped as a Minitrue Special and they think they have the wind at their backs.

Cuomo, Bloomberg and the rest of them don't care a whit for the law and it may take another Supreme Court clawback to overturn their hobo legislation and/or edicts. Heads they win, tails they win.

McChrystal is the ultimate gauleiter; hiding in the shadows for 30 years and then satrap of Afghanistan. He had no idea why rolling Stone thought he was acting inappropriately, which is a heck of a gauge of the man.

[NK]

Obama will not issue an EO 'confiscating' guns, he'll issue an EO banning sale or possession of any firearm that has, or can be modified, to hold a magazine or clip in excess of 5 rounds, OR COULD be converted to already banned fully automatic. He then tells the muddle he 'banned' military style "assault weapons.

[mojo]

And anybody with a lick of sense will laugh and point at the idiots who think a pure fiat coin is going to do anything but cause more problems.

[Clarice]

I've read what sessions says was Lew's lie, and Session's reading isn't mine. I think Lew sails thru.

[Porchlight]

But how does he enforce said EO without confiscation?

[NK]

IMO-- the military style assault weapon EO is a LOCK.

[Dave (in MA)]

The cowboy wore assless chaps while looking at the LCD display of the ATM machine trying to remember his PIN number.

[Porchlight]

Trying to get money out of his IRA account.

[Danube of Thought]

Cert will not be granted.

[Gus]

Clarice. You don't know Jack.

Just a wee bit of humor.

[NK]

Porch@5:34-- he doesn't-- he tells the muddle he banned them and throws a parade for himself. The DOJ will use the EO as an 'aggravating' circumstance for charging and sentencing guidelines. That will affect a fair number of 'real' criminals, but some law abiding gun owner will be found and made an example of, when he uses a semi-auto to hunt protected game on Fed land-- or some other sort of trumped up charge like Bobby Unser.

[Captain Hate]

Clinton is probably father of the year simply because he has so many offspring roaming about out there.

I was thinking it is more "no tangible evidence of incest with Chelsea". Whatever the reason, whoever in that dipshit organization that made the choice should be roundly ridiculed.

[Dave (in MA)]

Speaking of wee, it's been nice around here lately without the wee one.

[Ignatz Ratzkiwatzki]

The road to hell is paved with good intentions.
The guys spreading the asphalt are usually nice guys of good character.

[Clarice]

Really going out on a limb there, DoT..HEH

[Gus]

Yes, Ignatz, but do they eat cheese sandwiches at their desks?
IMHO there is something wrong with the likes of Jack Lew.

[Ignatz Ratzkiwatzki]

--IMO-- the military style assault weapon EO is a LOCK.

Posted by: NK | January 09, 2013 at 05:36 PM --

Been tried. Won't survive a court challenge. Pappy Bush or BillyJeff wished to do something similar, and concluded all he could do was ban the importation of foreign ones.

[NK]

Ig-- as you know, surviving a court challenge is irrelevant to HRH Barry I. The EO is all about the meme-- I am a saint, and the Repubs are the devil (white faced blue eyed devils to his pals)

[Gus]

Clarice. Is Jack Looooooooo stupid? His Senate testimony indicates STUPIDITY or DECEIT.

Pick one!!

[Jim Eagle]

Are you lawyers saying that an Executive Order has the same standing in law that a statute or legislatied law has? The DoJ and FBI can enforce an Executive Order via a subpoena from a Federal Judge? I find this not just hard to believe but it shows the form a dictatorship can take place in America.

[bgates]

Let's just pray [events] derail Obama's second term but are not also destructive to the nation.

The old saying often attributed to Bismarck runs like "There is a Providence that protects idiots, drunkards, children and the United States of America."

But what happens when the last is governed by the other three?

[Ignatz Ratzkiwatzki]

Well he can issue an EO declaring himself the queen of the Folsom Street Fair if he pleases but I'm only concerned with ones that will survive a challenge.

[Porchlight]

But what happens when the last is governed by the other three?

Was it not ever thus, bgates? At least for a long time now.

[Gus]

Ignatz, the rumors that Barry Dimbulb is a Queen were started by one of his ex-boyfriends.

[NK]

Well JiB--we all supported Unitary Executive action when GWB used it to implement the GWOT with respect to enhanced interogation and Gitmo and Black Site detention by executive fiat to fill in the interstices left by Congress-- didn't we? In seriousness-- this is not a new issue-- this is the age old tension between POTUS executive and Congressional power of the purse strings.

[NK]

I personally believe HRH Barry I is as queer as a Trillion Dollar coin....

[Jim Eagle]

NK,

My question is can an Executive Order be considered a law that can be enforced by suponea, police actiion, prosecution, trial, etc. The same as today's existing gun laws. IOW's is an EO considered a LAW and the FBI can arrest me if I am outside the confines of that EO? Is it enforceable by Law Enforcement?

[Gus]

It's perfectly fine for Obama and Holder to give THOUSANDS of "ASSAULT" Rifles to MEXICAN DRUG GANGS. No problem there. I'm sure Jack Looooooooo, being pious and all, tells me Obama of his concerns.

[Mopenshaw]

I don't know why everyone thinks the minting of $1 trillion platinum coins would be absurd. Of course, it's a good idea!
The government just needs to make sure each one is 3 feet thick with a 40 foot diameter, weighing in at 22,700 TONS of pure platinum (at the current price of platinum). Won't have to worry about theft, either.

[Free State Paul]

My question is can an Executive Order be considered a law...

"Stroke of the pen. Law of the land, Kinda cool." -- Paul Begala, 1998

[NK]

JiB--the DoJ will 'bootstrap". Meaning the statutory basis for the EO will be existing Fed Firearms statutes, and they will claim that the EO is merely a clarifying device that fills in definitional interstices in statutory law. As I said-- this is politics, not law enforcement. The DoJ will wait until they have a law abiding semi-automatic owner dead to rights on a technical criminal violation while in possession of a semi-auto banned by the EO, then they will use the EO to lay on much stiffer charges and sentencing to make an example of them-- and thereby persuade lawful owners to voluntarily surrender banned semi-autos. The ban may also persuade manufacturers to cease production b/c of heightened liability concerns. Your government at work for you. Invalidating such an EO is a must win for lawful gun owners.

[Free State Paul]

From IMDb:

"Ocean's One Trillion"

PLOT:

Daniel Ocean (George Clooney) reunites his team for one more heist -- stealing the One Trillion Dollar Platinum Coin.

[CitizenEgg]

I saw no sign of an L in that signature. Does that make me an anti-semite?

[Mark Kleiman]

Still waiting for someone to explain what the President is supposed to do when one law requires expenditures in excess of revenues and another forbids borrowing. No rhetoric, please: just explain what the President's constitutional duty is in that case. Does he get to pick and choose which bills to honor and which to dishonor? What provision of the Constitution gives him that power?

[OldTimer]

Sarah speaks out on bullying and recommends a book I plan to buy in triplicate.. LUN

[matt]

if it is a 40' diameter 3' thick coin, we could plant it on the national mall and charge anyone who wants to see it a $20 admission fee.

Sort of like the Ferris Wheel across from the Houses of Parliament, only better.

[matt]

besides, the lightbringer can turn water into wine so I imagine he could turn a turd into $1 Trillion in platinum.

Apparently, Jay Carney said today that Obama's terms with Congrsss on the debt ceiling are non-negotiable and that the trillion dollar coin is under consideration.

Outlaw regime here we come.

[NK]

MarkK-- very fair question. The Congress's Budget Continuing Resolution ("CR") authorizes FY 2013 spending of about $3.7TRILLION. FY 2013 revenues will be about (we hope) $2.7TRILLION. Without NEW debt from Bond sales, the Unitary Executive theory of the Constitution claims the POTUS decides how to cut the checks based on actual revenue because no debt financing can be raised -- UNTIL-- a NEW budget Resolution is passed by the Congress, giving new instructions. That was the power claimed by GWB/Cheney.

[NK]

Clarice-- does Jack Lew sign the new debt T-Bond issue? If he does, he should be rightly impeached by the House.

[Clarice]

I don't think his statement was deceitful or stupid,,it was artful,

As for the coin, one wag asks us to think how very valuable it would be if the mint made a mis-strike..

[Extraneus]

How about "He can spend what's authorized in the budget approved by Congress and not a penny more"? Oh wait. There's no budget.

Surely if the Congress refuses to approve a budget, the president should be allowed to spend whatever he thinks is proper. Sorry, not that either?

How about a law that mandates that the Congress pass a budget? Damn, we already have one of those.

Better outlaw tungsten, titanium and tantalum coins while we're fixing that drafting error. And tin, iron, wood, dirt, dogshit, etc.

[Danube of Thought]

Are you lawyers saying that an Executive Order has the same standing in law that a statute or legislatied law has?

I'm not; I'm saying the opposite. The president cannot, by executive order, declare certain behavior to be a crime; only the congress can do that (and only consistent with the constitution). And he is very limited in what he can do without congressional underpinning.

Suppose Bush had banned all abortions by executive order. What result?

[Danube of Thought]

Here's a Wiki summary that, so far as I know, is accurate:

U.S. Presidents have issued executive orders since 1789, usually to help officers and agencies of the executive branch manage the operations within the federal government itself. Executive orders have the full force of law, since issuances are typically made in pursuance of certain Acts of Congress, some of which specifically delegate to the President some degree of discretionary power (delegated legislation), or are believed to take authority from a power granted directly to the Executive by the Constitution.