Latest debt deal scheme: issue IOU’s

Edward Kleinbard, a tax and legal scholar, has offered up a contingency plan he thinks President Obama could adopt without causing a constitutional crisis if Congress pushes the country to the brink of default: Issue IOUs that can be sold and traded in private markets.

Rob Port is the editor of In 2011 he was a finalist for the Watch Dog of the Year from the Sam Adams Alliance and winner of the Americans For Prosperity Award for Online Excellence. In 2013 the Washington Post named SAB one of the nation's top state-based political blogs, and named Rob one of the state's best political reporters. He writes a weekly column for several North Dakota newspapers, and also serves as a policy fellow for the North Dakota Policy Council.

Related posts

  • sbark

    So Obama could try and sell IOU’s on the IOU’s already in the SS fictiscous lockbox?
    thats a plan……….
    Well gotta admit…….if banks continue buying Fannie Mae MBS…..they probably fall for this ponzi scheme also huh?

    • kevindf

      It worked well for algore.

      • sbark

        ….seems as if everything scandelous scheme comes up gold for alllllgore
        He is now richer than Mitt Rommney after this deal, he made it with oil profits essentially, therefore making more money on oil than Dick Cheney ever did.
        he is the epitome of the leftist 3rd world under the table, pay as you go, cronyism, it not who you know but who you blow society a leftist dominated country naturally goes toward.