Summary
It’s easy enough to come up with counterarguments that conservative justices are likely to find persuasive. Michael McConnell, a former judge on the U.S. Court of Appeals for the 10th Circuit, to which he was appointed by President George W. Bush, just offered one in these pages. “For the United States to fail to pay interest or principal on its debt would be financially catastrophic, but it would not affect the validity of the debt,” he wrote. “When borrowers fail to make payments on lawfully incurred debt, this does not question the validity of those debts; their debts are just as valid as before. The borrowers are just in default.”
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