US Treasuries are the most important market in the world. With some $29 trillion outstanding, they create the benchmark that informs basically every other type of borrowing. Any changes to how the bond market works would be a massive deal. But lately, there’s been a lot of chatter about how the Trump administration could radically restructure and refinance the US debt under the so-called “Mar-a-Lago Accord.” In this episode, we speak with University of Virginia law professor Mitu Gulati about how far the administration could go to legally reform this huge and important market. We also talk about how to buy Greenland and whether Trump could make a few billion by collecting on some old loans from allies
The decision had been highly anticipated by GOP lawmakers, who said they wanted to see a decision before proceeding with the state budget.
Justice Jill Karofsky wrote the lead opinion, and was joined by fellow liberals Ann Walsh Bradley, Rebecca Dallet and Janet Protasiewicz in finding that the veto was valid.
Conservative Justice Brian Hagedorn in his dissent ripped the majority ruling, writing it can’t be justified “under any reasonable reading of the Wisconsin Constitution.” He bemoaned the court’s previous rulings on the partial veto, writing they allow guvs to continue pushing the envelope with that power and when give “a clear opportunity in this case to reboot our mangled jurisprudence, the majority responds by blessing this constitutional monstrosity, all the while pretending its hands are tied.”
He added, “The cases the majority relies on make a mockery of our constitutional order. This is a mess of this court’s making, and it is long past time for us to fix it.”
Justices Rebecca Bradley and Annette Ziegler joined Hagedorn’s dissent
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IRG:
However, the partial veto can be abused in ways that actually increase the size and scope of government, rather than restraining it. That’s what happened here, when Governor Evers used his pen to unilaterally create a 400-year budget increase in spending. That sort of action seems laughably wrong, but this Supreme Court majority has just upheld it. In doing so, the Court has given the governor free rein to rewrite bills, supplanting the elected legislature with a governor who can write new laws one digit, number, or letter at a time.
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Conservatives: tremendous dissent by Justice Hagedorn explaining how weak the majority opinion is.
