https://sputnikglobe.com/20230517/us-debt-drama-as-biden-negotiates-some-suggest-he-use-law-to-bypass-talks-1110427758.html
US Debt Drama: As Biden Negotiates, Some Suggest He Use Law to Bypass Talks
US Debt Drama: As Biden Negotiates, Some Suggest He Use Law to Bypass Talks
Sputnik International
President Joe Biden is being urged by political allies to invoke a statute within the US constitution to help avert a default on US payments as his rivals in Congress stand in the way of raising the country’s debt limit.
2023-05-17T21:34+0000
2023-05-17T21:34+0000
2023-05-17T21:29+0000
economy
us debt ceiling crisis
us
economic crisis
financial crisis
joe biden
janet yellen
republicans
congress
white house
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The 14th Amendment statute has not been used before and its legality in the matter is unknown. But some senators in Biden’s Democratic Party are convinced it just might be the thing to bypass the opposition of congressional Republicans in raising the debt ceiling, reports said. Five Democratic senators, led by Tina Smith and Elizabeth Warren, said in the draft letter to Biden published by US media on Wednesday: The White House has argued without success with Republicans on raising the debt ceiling, which currently stands at $31.4 trillion. US Treasury Secretary Janet Yellen said the debt limit must be raised by June 1 to avoid a debt default, which, she said, would have untold ramifications for the US economy and the livelihood of Americans. However, Biden told reporters on Wednesday he was optimistic that “there is a path to [an] agreement.” House Speaker Kevin McCarthy, who heads the Republicans in Congress, also said on Wednesday he believes that the United States will not default on its debt. The senators who drafted the letter to Biden, however, noted growing dissatisfaction among Democratic with some aspects of the debt negotiations, including Republican demands to impose tougher work requirements to receive federal benefits. “While we cannot default on our debt, we also cannot allow the destructive Republican budget to be implemented," they said. The Democrats, on their part, have suggested higher taxes on the rich, which the Republicans have ruled out.
https://sputnikglobe.com/20230506/what-is-14th-amendment-biden-not-ready-to-invoke--how-is-it-tied-to-us-debt-ceiling-crisis-1110141414.html
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us debt ceiling crisis, economic crisis, financial crisis, joe biden, 14th amendment
us debt ceiling crisis, economic crisis, financial crisis, joe biden, 14th amendment
US Debt Drama: As Biden Negotiates, Some Suggest He Use Law to Bypass Talks
WASHINGTON (Sputnik) - President Joe Biden is being urged by some political allies to invoke a statute within the US constitution to help his government avert a default on America’s payments as his rivals in Congress stand in the way of raising the country’s debt limit, media reports said Wednesday.
The 14th Amendment statute has not been used before and its legality in the matter is unknown. But some senators in Biden’s Democratic Party are convinced it just might be the thing to bypass the opposition of congressional Republicans in raising the debt ceiling, reports said.
Five Democratic senators, led by Tina Smith and Elizabeth Warren, said in the draft letter to Biden published by US media on Wednesday:
“We write to urgently request that you prepare to exercise your authority under the 14th Amendment of the Constitution, which clearly states: 'the validity of the public debt of the United States...shall not be questioned.' Using this authority would allow the United States to continue to pay its bills on-time, without delay, preventing a global economic catastrophe."
The White House has argued without success with Republicans on raising the debt ceiling, which currently stands at $31.4 trillion. US Treasury Secretary Janet Yellen said the debt limit must be raised by June 1 to avoid a debt default, which, she said, would have untold ramifications for the US economy and the livelihood of Americans.
However, Biden told reporters on Wednesday he was optimistic that “there is a path to [an] agreement.” House Speaker Kevin McCarthy, who heads the Republicans in Congress, also said on Wednesday he believes that the United States will not default on its debt.
The senators who drafted the letter to Biden, however, noted growing dissatisfaction among Democratic with some aspects of the debt negotiations, including Republican demands to impose tougher work requirements to receive federal benefits. “While we cannot default on our debt, we also cannot allow the destructive Republican budget to be implemented," they said.
The Democrats, on their part, have suggested higher taxes on the rich, which the Republicans have ruled out.
