US Federal Debt Held By Public as of Sep. 2020.
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We are facing another debt ceiling crisis, manufactured by an obscure debt-ceiling rule only used internally by Congress.
This time, I decided to use the new ChatGPT, which wasn't available when my article Updated: Debt No More! How Biden can defeat Austerity Thugs by Using the Constitution and Debt-Free Money was previously published 3 times, to answer the question of feasibility of using U.S. Notes or a Trillion Dollar Coin (TDC) to pay down the debts already authorized by Congress.
After a bit of trouble feeding the article to ChatGPT - which I had to do twice - I was able to get it to answer the question:
A: The article discusses the possibility of using Treasury-issued money to pay the US debt, and argues that the president can and Constitutionally must pay bills already authorized by Congress. The article suggests that there are still other ways, ways that do not require changing the debt ceiling but allow for getting around it, permanently, so that the country is not subjected to cowardly Congressional back-door blackmail. One way to do this is for the executive branch, either the president or the Treasury, to direct Treasury to issue a TDC, or direct Treasury to issue debt-free U.S. Notes (aka Greenbacks) to pay everything BUT the debt, and leave the rest of the Federal Reserve-created money to pay down the debt. The article argues that the president should do this himself if Congress will not allow the money to be created.
Q: Based on your previous answer, could the government use United States Notes to pay off existing congressional appropriations that exceed the debt ceiling?
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