14th Amendment & Presidential Authority

As we teeter on the edge of economic collapse Obama and his Democrat cohorts claim the 14th Amendment gives Obama the authority to unilaterally commit taxpayers money to selectively pay government obligations as he chooses.

14th Amendment, Section 4 reads:

"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 insurrections or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United Staes, or any claim for the loss or emancipation of any slave, but all such debts, obligations and claims shall be held illegal and void."

I've read this no less than a hundred times. For the life of me I cannot find an iota of evidence that gives the president authority to bypass Congress and unilaterally assume the constitutionally delegated authority of Congress. It looks to be yet another of the Democrats distortion of the Constitution in their attempts to wrest control from the people and entrench statism authority in a central government.