Levers of Default: Can the President Unilaterally Alter the Terms of the National Debt?

The inviolability of America’s $30 trillion debt is a cornerstone of global markets and the U.S. economy. This Essay identifies a critical loophole: the President’s underappreciated power to dramatically change its legal structure—and argues that Congress should act to prevent a potential catastrophe. The Essay details, for the first time in the literature, the arcane […]