14th Amendment emerges as last-ditch fix to ward off default [View all]
Top political figures are swirling the possibility that President Biden could use the powers of a clause in the 14th Amendment as a last-ditch effort to ward off the looming threat that the U.S. could default on its debt as soon as next month.
When asked about possibility of invoking the amendment, President Biden as recently as Friday appeared to leave such an option on the table when he told MSNBC in an interview he had “not gotten there yet.”
But Treasury Secretary Janet Yellen on Sunday sounded the alarm, calling it a “constitutional crisis” should the president rely on the 14th Amendment, which obscurely addresses the nation’s debt in a way that legal scholars believe allows the president to continue issuing debts without lifting or suspending the ceiling.
“There is no way to protect our financial system in our economy, other than Congress doing its job and raising the debt ceiling and enabling us to pay our bills and we should not get to the point where we need to consider whether the President can go on issuing debt. This would be a constitutional crisis,” Yellen said on ABC’s “This Week.”
https://www.yahoo.com/news/14th-amendment-emerges-last-ditch-190039671.html
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