Can the President raise the debt ceiling on his own?

"If the U.S. defaults on its obligations in early August, it will be because the President chose not to exercise his power to raise the debt ceiling on his own.The President has it within his power to order the Treasury Department to issue new bonds to fund current obligations, even if those issuances exceed the debt ceiling.

“When Abraham Lincoln suspended habeas corpus during the Civil War, he said that it was necessary to violate one law, lest all the laws but one fall into ruin,” legal academics Eric Posner and Adrian Vermeule have argued in a New York Times Op-Ed. “So too here: the president may need to violate the debt ceiling to prevent a catastrophe—whether a default on the debt or an enormous reduction in federal spending, which would throw the country back into recession.”

Their argument doesn’t rest on any contentious reading of the 14th Amendment. Rather it rests on the primacy of the presidency in our contemporary constitutional order. 

--http://www.cnbc.com//id/43881701

My comments:  The constitution says that only the Congress has power to levy taxes or borrow money.  Art. I, Sect. 8.  But legal academics in love with Obama want him to be a dictator, constitution be damned.