In it, but not of it. TPM DC

Pelosi On Obama Ignoring The Debt Limit: Ain't Gonna Happen

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Newscom

At a Friday caucus meeting, just before her press conference, she told Democrats the idea's a no-go, according to Rep. Barney Frank (D-MA), who also believes setting debt limit is in Congress' purview. "The leader said she agreed and there was general agreement with that. I do not think the 14th amendemnt option is alive in anyone's mind. It would be a terrible idea," he said as the meeting broke.

Not much to add to that, except that the Treasury Department has also foreclosed on the idea of blowing past the debt limit if Congress fails to act. In a statement to the New York Times, Treasury's General Counsel wrote, "Secretary Geithner has always viewed the debt limit as a binding legal constraint that can only be raised by Congress."

Additional reporting by Benjy Sarlin.

About The Author

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Brian Beutler is TPM's senior congressional reporter. Since 2009, he's led coverage of health care reform, Wall Street reform, taxes, the GOP budget, the government shutdown fight and the debt limit fight. He can be reached at brian@talkingpointsmemo.com