Treasury Secretary Janet Yellen said Sunday that there are “no good options” for the United States to avoid an economic “calamity” if Congress fails to raise the nation’s borrowing limit.
Democrats and Republicans are at loggerheads over whether the debt limit should even be the subject of negotiation. GOP lawmakers, led by House Speaker Kevin McCarthy , are demanding
An increase in the debt limit would not authorize new federal spending. It would only allow borrowing to pay for what Congress has already approved. Yellen was asked on ABC whether Biden could bypass Congress by citing the Constitution’s 14th Amendment that the “validity” of U.S. debt “shall not be questioned.” Yellen did not answer definitively, but said it should not be considered a valid solution.
Sen. James Lankford agreed about the risks of invoking the 14th Amendment, He told ABC that the Constitution is “very clear that spending -- all those details around spending and money actually has to come through Congress.” Biden, in an interview with MSNBC on Friday, was asked about the 14th Amendment proposal, saying, “I’ve not gotten there yet.”
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