Originally Posted by dera

Before going down that rabbit hole, where does that $500 million come from? Which budget? Where is it appropriated at? Article I of the Constitution and the Appropriations Clause gives the control of the purse to the Congress, not President. If the President claims this is a national emergency that bypasses the timeline requirements of the DPA, I bet that will get shot down very very quickly by the SCOTUS through the shadow docket. The entire reliance on DPA sounds like a complete red herring anyway.

If the bondholders give flexibility on payment deadlines, they have to have reasonable faith that Congress can pass a bill to allow this to happen.

So perhaps the bondholders, the stakeholders, and everyone involved agree to this arrangement, I am yet to hear a convincing argument how this would be legal.