Democrats in Congress have been vocally imploring President Joe Biden to consider using the 14th Amendment of the US Constitution should debt ceiling negotiations fail to come to a mutually satisfactory result. As many as 15 left-wing senators, including Bernie Sanders (I-VT), Elizabeth Warren (D-MA), and John Fetterman (D-PA) co-signed a letter to the president warning that it may be his only viable option to avert a default crisis.
Section Four of the 14th Amendment stipulates that “the validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.” Last week, Biden suggested he might rely on this clause if needed, citing Harvard Law professor Laurence Tribe’s opinion that it would be “legitimate”.
However, Treasury Secretary Janet Yellen has expressed skepticism about this approach, believing it could provoke a “constitutional crisis” and its legality is questionable. The House Oversight Committee’s highest-ranking Democrat, Jamie Raskin, is less wary and recommended Biden to stand his ground – citing the 14th Amendment as “an operations manual for how the president should respond to extortion and threats by a faction of Congress.”
In January, Yellen informed Congress that the US had officially hit the statutory limit of roughly $31.4 trillion; without an extension from lawmakers, government payments will cease. A stalemate between White House along with top Democrats in Congress who were advocating for “clean” debt ceiling increase and Republicans from House who proposed spending cuts in exchange for raising debt limit ensued. While Freedom Caucus reaffirmed their position on Thursday by calling on Democrats-led Senate pass House legislation first before further talks are conducted.
Yet there are indications that a compromise may soon be established as White House meeting with congressional leaders was reportedly productive and direct Tuesday – Speaker McCarthy stated he sees a “path” to an agreement Thursday night.