After meeting with congressional leaders on the debt ceiling, Biden told reporters, “I considered the 14th Amendment, and the man I have huge respect for, Larry Tribe… thinks that would be legit.”
However, “the problem is that it would have to be litigated,” Biden explained. Also, “and in the meantime, without an extension, it would still end up in the same place.”
Biden said he plans to investigate whether the Supreme Court would find that the 14th Amendment allows the president to continue issuing debt until the White House and lawmakers address the immediate issue of debt. extension of the debt ceiling.
McCarthy, on the other hand, dismissed the idea as futile.
On Capitol Hill, he said, “Really think about this, if you’re the leader, if you’re the only president, and you’re going to look at the 14th Amendment to look at something like this — I think you’re kind of a failure to work with people across the aisle, or to work with your own party to get something done.”
As concerns over a US default mount, discussions within the Beltway have intensified over whether or not the debt ceiling is constitutional under the 14th Amendment, which deals with mainly of citizenship and was introduced into the Constitution after the Civil War.
The central clause of the theory comes from the 14th Amendment, which states that the national debt “shall not be questioned”.
However, some members of the Biden administration have been reluctant to fully embrace the concept, citing concerns about the legal and economic ramifications of the idea.
The only way to preserve the banking system and the economy, Treasury Secretary Janet Yellen told ABC on Sunday, is for Congress to do its duty by lifting the debt ceiling and allowing us to pay our debts. And it is important that we avoid having to wonder whether or not the president has the power to continue issuing debt. In other words, it would constitute a constitutional crisis.
Without saying it outright, Yellen called it “one of the bad options” if Congress doesn’t act.
A Harvard law professor whom Biden quoted on Tuesday was originally opposed to the plan but later changed his mind, saying that while fundamental questions still need to be answered, “these are not the right questions that we let’s put”.
In an op-ed for The New York Times, he argued that the real question is whether or not Congress has the power to use an “arbitrary dollar limit” to compel the executive branch to do what it does. he wants after previously approving the spending measures responsible for the country’s financial crisis.
Yellen warned Congress that the United States could default in early June if the debt ceiling was not raised. Rising interest rates, loss of jobs, a declining stock market, and the postponement of social security benefits would all result from default.
Even after Biden’s Tuesday meeting with congressional leaders at the White House, it doesn’t appear the parties have made any significant headway in avoiding a default.
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