I recognize that the law is always kind of messy, but as far as I know, this kind of blatant political intervention between debt claims is unprecedented, and worse, it's a dress rehearsal for doing the same thing at GM.
Allow me to take liberties with what Ms. McArdle said:
This kind of blatant political intervention between debt claims is unprecedented. Full Stop.
Just about everything this Administration and Congress are doing is unprecedented and unlawful... and extra-Constitutional.
It appears that our elected officials believe that the law and the Constitution are guidelines.
H/t Instapundit.
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