Gaming the Debt Limit Constitutional Option Scenario

Secretary of the Treasury Timothy Geithner was apparently discussing the debt limit with somebody today, and insisted upon reading the text of the least glamorous part of the most glorious part of the U.S. Constitution, namely Amendment XIV, Section 4. Specifically:

The validity of the public debt of the United States, authorized by law ... shall not be questioned.

This sounds a lot like it means something like a statutory debt limit is invalid. Now, sure, we can quibble about whether it means exactly that, but it's a plausible argument that it means that. This is a strategy that's gaining traction among liberals, including pundits and Senators; if the Administration is considering using this option, just declaring that the debt limit doesn't exist so Republicans trying to use it as leverage can eff off, it's kind of a big deal. So, let's consider the various ramifications of using this tactic.