This petition holds that partial or total default on public debt obligations, or printing of additional currency to honor these obligations, violates Fifth Amendment protections against the taking of private property for public use without just compensation.
We further hold that such actions do irreparable harm to the full faith and credit of the United States government and to the economy as a whole.
The Obama administration should support a constitutional amendment that accomplishes the following:
• Mandates that Congress, as the entity empowered under Article 1 Section 8 of the Constitution to borrow money on the credit of the United States and to pay the nation’s debts, honor all outstanding and future obligations.
• Sets the conditions under which future debt may be contracted.