Secretary of State Clinton, in China about a week ago, [was] publicly pleading with the Chinese to buy our debt, because the federal government is now so reliant on debt financing that the point at which China or sovereign wealth funds or others discontinue buying the federal debt, the house of cards they have constructed in Washington DC comes tumbling down. They're going to have the government debt equivalent, some years from now, of today's mortgage crisis, in my opinion.
Now you might think that such a declaration was protected by the first amendment. However, the first amendment wasn't the last amendment and it was partially repealed by the 14th amendment which includes the following clause
Passed by Congress June 13, 1866. Ratified July 9, 1868.
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."
Since July 9, 1868*, the US has not had freedom of speech. You can say anything except you can't question the validity of the pubic debt of the United States.
The 14th amendment does not propose sanctions for violation of the "validity of the public debt ... shall not be questioned clause.
Also Pawlenty is such a fool. US public debt sold at what is very likely to be the highest price debt ever has had. 1 month T-bills sold for more than their face value implying a negative interest rate. I know he is making predictions for the long run, but his predictions are crazy.
* update: highly embarrassing typo corrected thanks to anonymous in comments.