So if something does pass the House, it will demand a constitutional balanced-budget amendment as the price of a second vote next year. I think we can safely say that the political process has failed. Now what?

Well, there do appear to be legal loopholes. Jack Balkin gives us the platinum coin option:

Sovereign governments such as the United States can print new money. However, there’s a statutory limit to the amount of paper currency that can be in circulation at any one time. Ironically, there’s no similar limit on the amount of coinage. A little-known statute gives the secretary of the Treasury the authority to issue platinum coins in any denomination. So some commentators have suggested that the Treasury create two $1 trillion coins, deposit them in its account in the Federal Reserve and write checks on the proceeds.

And he also gives us the exploding-option option:

The government can also raise money through sales: For example, it could sell the Federal Reserve an option to purchase government property for $2 trillion. The Fed would then credit the proceeds to the government’s checking account. Once Congress lifts the debt ceiling, the president could buy back the option for a dollar, or the option could simply expire in 90 days.

These things sound ridiculous — but so is the behavior of Congressional Republicans. So why not fight back using legal tricks?

And there is the constitutional option. Ronald Dworkin says that it works — or, at the very least, will put the issue into the courts for a while, which is better than destroying the economy next week.

Outrageous behavior demands extraordinary responses. Over to you, Mr. President.

Update: Stan Collender describes both these options and a possible deal in which Boehner passes a bill with Democrats but not the Tea Party as Lord Voldemort options — names not to be spoken, but always there.