Connect with us

Hi, what are you looking for?

Finance

Debt Ceiling May Be Resolved by Invoking 14th Amendment, Biden Says

Debt Ceiling Issues [Photo: The Washington Post]
Debt Ceiling Issues [Photo: The Washington Post]

The U.S. President Joe Biden is open to invoke the 14th Amendment as a strategy to address the country’s debt ceiling. However, Biden also acknowledges that there may not be enough time to overcome challenges as the June 1 deadline is approaching.

Biden on Invoking 14th Amendment to Resolve Debt Ceiling [Photo: ABC News]

Biden on Invoking 14th Amendment to Resolve Debt Ceiling [Photo: ABC News]

To prevent the tragedy of defaulting the country’s loans, some Democrats have suggested an unproven legal strategy. Apparently, this strategy was created to allow U.S. President Joe Biden to bypass the Congress and single-handedly address the country’s debt ceiling.

According to Doherty, Biden had indicated being open to invoking the 14th Amendment to resolve the debt ceiling issues. Unfortunately, Biden also acknowledges that there may not be enough time to overcome the legal challenges that may occur as the June 1 deadline is approaching.

READ ALSO: Debt Ceiling Standoff: Are Your Social Security Payments At Risk?

Invoking the 14th Amendment

According to Wolfe, most progressive Senate and House lawmakers have encouraged Biden to use the 14th Amendment to bypass the standoff with Republicans on the debt ceiling debates. However, Karine Jean-Pierre, White House Press Secretary, argued that invoking the 14th Amendment will not resolve the issues and is a far-fetched path forward in negotiations.

Nonetheless, the section 4 of the 14th Amendment has become the focal point of the negotiations. The public debt clause states that the validity of U.S.’s public debt authorized by law must not be questioned. However, no president has ever used the 14th Amendment to resolve the issues over debt ceiling before. Reportedly, it was introduced by the Congress in 1939 and was only recently used as a political leverage.

READ ALSO: Debt Ceiling Crisis: Senator Manchin Proposes Solution To Avoid Financial Catastrophe And Preserve Social Security

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *