For a nice, little constitutional analysis of the 14th amendment re the debt ceiling, listen to Sen. Mike Lee (R., Utah), former Alito clerk, below:
I am definitely not an expert when it comes to budgetary processes and the debt ceiling. Actually, I don’t even have mid-level knowledge. But as a novice, I don’t understand the shrill, Chicken-Little, protestations of dire consequences if we don’t raise the debt ceiling. We have enough tax revenue coming into the US each month to pay our current interest payments. If the debt ceiling isn’t raised, stop spending the revenue on discretionary items and use it to pay down the debt. Aside from the special interests who would lose some free stuff, I don’t understand the squealing that is going on. It just doesn’t seem like that complex of an issue to me. Really, what is the point of a debt ceiling if it doesn’t actually limit borrowing?