Obama has usurped the powers of Congress by taking out loans. Only Congress has the power to do that under the Constitution. Article 1, Section 8, Clause 2 gives Congress the power "
To borrow Money on the credit of the United States;" explicitly. In Amendment X (1791)states,
"The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people."
Therefore, unless a power is delegated to the President, he does not have that power, but Congress does. This Executive Order 13603 has no authority to borrow, under the Constitution.
Executive Order 13603 of March 16, 2012 National Defense Resources Preparedness
Sec. 302. Loans. To reduce current or projected shortfalls of resources, critical technology items, or materials essential for the national defense, the head of each agency engaged in procurement for the national defense is delegated the authority of the President under section 302 of the Act,
50 U.S.C. App. 2092, to make loans thereunder. Terms and conditions of loans under this authority shall be determined in consultation with the Secretary of the Treasury and the Director of OMB.
