: Biden says he likely has authority to use 14th Amendment on debt ceiling, but it may be too late

by | May 21, 2023 | Stock Market

President Joe Biden said Sunday that he believes he has the authority to invoke the 14th Amendment to resolve the debt-ceiling crisis, but that it may be too late in the game to go that route. “I’m looking at the 14th Amendment, as to whether or not we have the authority.  I think we have the authority,” Biden said, speaking to reporters in Japan following the G-7 summit.

“The question is: Could it be done and invoked in time that it could not — would not — be appealed and, as a consequence, pass the date in question and still default on the debt.  That’s a question that I think is unresolved,” he added. Biden said congressional leaders have pledged the nation will not default, so invoking the 14th Amendment should not be necessary. “When we sat in the room with all the leaders, from Mitch McConnell on, and they said, ‘We will not default.  Period.  We will not default.’  That’s what all, including Kevin McCarthy, said.  ‘We will not default,’” Biden said. “I’m assuming that we mean what we say, and we’ll figure out a way to not have to default.” The 14th Amendment reads in part: “The validity of the public debt of the United States … shall not be questioned,” and in theory, invoking it would make it unconstitutional for the U.S. …

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