Short and long term variations in the solar constant are examined theoretically. The variations observed by the Solar Maximum Mission, lasting several days and associated with the passage of sunspot groups, strikingly demonstrates the well known lack of a bright ring effect around sunspots. This suggests that sunspot magnetic fields do not simply block the heat flowing upward into the photosphere. Rather, it is suggested that gravitational draining occurs; this cools sunspots and transports downward the heat that would otherwise flow into the photosphere. A model of sunspot temperature with depth shows modest support when compared with the empirical model of Van't Veer. Secular trends in the solar constant may occur and be associated with the influence of the convection zone magnetic field upon convective heat transport. As a start to understanding this problem, the Schwarzschild criterion has been modified to include the effects of magnetic field.