The US retains full capability and authority to "shut down the Internet" as all the 13 main name servers are on US soil. Nameservers in other countries could be called to route traffic but they all depend on the US name servers. It would be havoc for months, and whatever threat was present to cause the shutdown would have passed.
"Shutting down the Internet" would cost US companies BILLIONS per day. No president is going to do it unless for extreme national security - our ass is about to get fried by some nukes, for example.
Otherwise, the debate is pointless. Any president, democrat, republican, or otherwise, will take whatever steps required in the name of national security. Get used to the idea.
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