Good primer on the debt impasse

Today's edition of "To the Point" looks at the possible consequences of the Congress not raising the debt ceiling by Aug. 2. The general consensus is that the government will somehow be able to raise the debt level, although getting there is not likely to be pretty. Among Warren Olney's guests is law professor Garrett Epps, who says that President Obama could get past the statutory debt limit by directing Treasury Secretary Tim Geithner to keep borrowing. A number of legal scholars have said that the 14th Amendment that all debts be paid, no matter what. Interesting stuff.

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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