President Joe Biden’s recent indication that he is unlikely to employ the untested provision within the 14th Amendment to unilaterally raise the nation’s borrowing limit has caused consternation among some Democrats in Congress.
According to Politico, left-wing members of the Democratic caucus have expressed disappointment over the president’s refusal to use the 14th Amendment.
Critics within Biden’s own party have pointed to a specific passage within the amendment, which primarily focused on granting citizenship to freed slaves. This passage states that the “validity of the public debt of the United States, authorized by law” shall “not be questioned.” This has sparked a discussion on whether the amendment could be utilized to unilaterally raise the debt ceiling.
To date, there has been only one Supreme Court case that ruled on the clause’s impact on the nation’s debt. In 1935, the court dismissed a case related to President Franklin Roosevelt’s decision to remove the United States from the gold standard. Since then, there has been no similar legal interpretation in nearly a century.
The president’s mixed signals in the debt limit standoff have further hindered a potential solution. Earlier this month, Biden made it clear that he would not negotiate on raising the debt ceiling, as stated by White House press secretary Karine Jean-Pierre.
However, Biden later reversed course, reaching out to House Speaker Kevin McCarthy (R-CA) and emphasizing that “default is not an option.” He also held a meeting with congressional leaders to address the issue.
Despite the meeting, McCarthy noted that there was no significant progress in finding a resolution. This led to considerable disagreement between the White House and Republican leaders in Congress.
Towards the end of the president’s trip to the G7 summit in Hiroshima, Japan, Biden had a phone conversation with McCarthy. Both leaders agreed to meet on Monday to discuss potential paths forward. McCarthy expressed cautious optimism, stating that the situation had improved since their previous interaction.
The ongoing debate over utilizing the 14th Amendment to raise the debt ceiling highlights the complexities surrounding the nation’s fiscal policies. As discussions continue between the White House and Congress, finding a mutually agreeable solution becomes increasingly critical to avoid any potential economic repercussions.
