“Mr. Bush also alluded today to the “so-called security trust,” calling it “a bunch of filing cabinets with I.O.U.’s in them” and adding that “it’s frankly not a very encouraging sight.” In fact, those interest-bearing Treasury securities are backed by the full faith and credit of the United States government, which has never defaulted on Treasury securities.” from: Bush Says He Wants Ideas From Both Parties on Social Security.
“Section 4. The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.” U.S. Constitution.
George Bush swore to uphold the Constitution in his Presidential Oath: “I do solemnly swear (or affirm) that I will faithfully execute the office of President of the United States, and will to the best of my ability, preserve, protect and defend the Constitution of the United States.”
Well, seems like violating your oath of office as President should be an impeachable offense. But hey, that’s just me and a few other people talking.