Biden opens door to use 14th amendment to solving debt crisis

Biden said he wants to see if courts would rule use of 14th amendment constitutional to solve debt limit issue
‘I think we have the authority. The question is could it be done and invoked in time,’ he said at press conference
Clock ticking toward June 1 deadline on defaulting

President Joe Biden on Sunday said he would consider using the 14th amendment to solve America’s debt limit but conceded it is probably too close to the June 1st default deadline to use it in this round.

‘I’m looking at the 14th Amendment as whether or not we have the authority,’ he said at a press conference in Hiroshima.

‘I think we have the authority. The question is could it be done and invoked in time that it would not be appealed and, as a consequence, pass the date in question and still default on the debt?’

Biden said he would be open to exploring the option in the courts to see if they would rule it legal or not. The president had previously ruled out using the constitutional amendment – which some legal scholars argue has a clause that would make it unconstitutional for the U.S. to fail to make its debt payments – to raise the debt ceiling. Biden also accused Republicans of trying to tank the debt talks to hurt his re-election bid, conceded he may be able to stop them from making a default, and said he’ll be stepping in to deal with Speaker Kevin McCarthy one-on-one. Many legal scholars suggest a clause in the 14th Amendment that says the ‘validity of the public debt, authorized by law … shall not be questioned’ could apply to the debt limit.

Legal experts argue that Section 4 of the 14th Amendment allows the Treasury Department to keep borrowing money past the debt limit and that it would be unconstitutional for the U.S. to fail to make payments.

Some Democrats are urging Biden to invoke the constitutional amendment to keep the country from defaulting. In his press conference, Biden had tough talk for Republicans, slamming them for taking an ‘extreme position’ in the talks and said he would speak to McCarthy from Air Force One as he flew home from Japan. ‘My guess is he´s going to want to deal directly with me in making sure we´re all on the same page,’ Biden said of McCarthy, adding that he believed a compromise remained within reach. ‘I´m hoping that Speaker McCarthy is just waiting to negotiate with me when I get home. … I´m waiting to find out. The White House had accused House Republicans of taking the talks backwards by refusing their offer to cut spending and instead make what Democrats call outrageous demands to cutting the federal budget. NN: The 14th amendment gives Biden an escape hatch. Its not a good move and i think the markets will take it badly as i think they should. Their is a ground swell in the democratic party to pull a rabbit out of their hat.