Article 1, Section 8, Clause 2 says:(CNSNews.com) - House Minority Leader Nancy Pelosi (D-Calif.) said on Friday that Congress should hand over to President Barack Obama the power to unilateral increase the limit on the U.S. government's debt.
In effect, under the plan Pelosi is endorsing, the only limit on the national debt would be President Obama's willingness to borrow money in the name of American taxpayers.
At a Friday press conference, a reporter asked Pelosi if she agreed with a proposal made by Treasury Secretary Timothy Geithner that Congress give Obama the power to unilaterally increase the debt limit.
"Yes," she said.
"Congress shall have power To borrow money on the credit of the United States."