"As the wording of the amendment evolved during the Congressional debate, the principle of the debt’s inviolability became a general proposition, applicable not just to the Civil War debt but to all future accrued debts of the United States. The Republican Senate leader, Benjamin F. Wade of Ohio, declared that by placing the debt 'under the guardianship of the Constitution,' investors would be spared from being 'subject to the varying majorities which may arise in Congress.'"
Sean Wilentz in The New York Times advises President Obama on how to counter House Republicans.
At Reuters, Garrett Epps joins in.
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