White House rules out constitutional solution to debt crisis | Inquirer Business

White House rules out constitutional solution to debt crisis

/ 08:25 AM May 24, 2023

WASHINGTON  -President Biden is not planning to invoke the 14th Amendment to prevent a US debt default, the White House said Tuesday, ruling out a constitutional solution to the current debt impasse.

Biden and the Republican Speaker of the House of Representatives Kevin McCarthy have held three rounds of face-to-face talks to try and reach a deal to lift the current borrowing limit so the US can meet its existing spending commitments.

Invoking the 14th Amendment to the constitution, which some legal scholars have argued would allow the US Treasury to simply ignore the debt limit, “is not going to fix the current problem we have right now,” White House Press Secretary Karine Jean-Pierre told reporters.

ADVERTISEMENT

https://business.inquirer.net/400554/whats-the-14th-amendment-and-can-it-help-avert-a-debt-crisis

FEATURED STORIES

Biden previously said he was looking into whether he could invoke the 14th Amendment, but was concerned of the economic damage that could occur while any legal challenges played out.

The remarks from Jean-Pierre suggest he has parked any plans he may have had to use a constitutional mechanism to resolve the debt crisis.

Jean-Pierre also appeared to rule out a short-term extension to the debt ceiling to allow Biden and McCarthy’s teams more time to negotiate, telling reporters such a solution is “not on the table.”

https://business.inquirer.net/402228/biden-mccarthy-meeting-ends-with-no-deal-on-debt-ceiling

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: Constitution, debt ceiling, negotiations, U.S., White House

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.