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No the President is not above the law no matter how important he nor anyone may think.

Actually, legally, it is not a question of whether someone has a 'right' to ignore a subpoena or not. It is a question of whether one is willing or not to suffer the consequences of doing so. If you want to put it in the terms of 'rights', of course he has the right to ignore a subpoena, everyone does. There may or may not be consequences of of doing so depending on the case, the issue and the whether the court has jurisdiction or not. In this particular case, it is not a criminal matter and the penalty is limited to the fact that the court may decide to take Obama's refusal to appear into account when making their decision. In this particular case, a better question might be: Do you really want the President of the United States to have to appear for any and all cases in any of the many State district courts, even for harebrained cases, or would you rather he spend his time being President?

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