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Schwarcz proposes provocative fix for future debt ceiling crises
Professor Steven L. Schwarcz has outlined a way for the Executive branch to bypass Congress in case of another debt ceiling impasse. In Bypassing Congress on Federal Debt: Executive Branch Options to Avoid Default (forthcoming 2014, Yale Journal of Regulation), Schwarcz proposes that the President securitize future tax revenues to avoid a default disaster.
Read more:
In Volokh Conspiracy If there’s ever a new debt ceiling crisis, could the President securitize future tax revenues to avoid default?
In National Constitution Center Another option for avoiding a debt ceiling disaster
Schwarcz, the Stanley A. Star Professor of Law & Business, is a leading expert on insolvency and bankruptcy law; international finance, capital markets, and systemic risk; and commercial law.
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