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Yellen, Treasury Secretary, Declines to Respond on Whether Biden Will Enforce 14th Amendment During Debt Ceiling Impasse
Treasury Secretary Yellen Refuses to Answer If Biden Will Invoke 14th Amendment Amid Debt Ceiling Standoff
Treasury Secretary Janet Yellen refused to answer whether President Joe Biden would invoke the 14th Amendment to raise the debt ceiling if Congress fails to act. The 14th Amendment states that the validity of the public debt of the United States shall not be questioned. Yellen stated that the Treasury Department is exploring all options to avoid a default on the nation’s debt, but did not provide any specifics.
The debt ceiling is the maximum amount of money that the federal government can borrow to pay its bills. The current debt ceiling was reinstated on August 1, 2021, at $28.4 trillion. The Treasury Department has been using extraordinary measures to avoid default since then, but those measures will be exhausted by October 18, 2021. If Congress does not raise the debt ceiling by then, the United States could default on its debt for the first time in history.
Yellen warned that a default would have catastrophic consequences for the economy, including a recession worse than the 2008 financial crisis, a spike in interest rates, and a loss of confidence in the United States‘ ability to pay its debts. She urged Congress to act quickly to raise the debt ceiling and avoid a default. However, Republicans have refused to support a debt ceiling increase, arguing that Democrats should use the reconciliation process to pass it without their support.
Republicans Refuse to Support Debt Ceiling Increase
Republicans have refused to support a debt ceiling increase, arguing that Democrats should use the reconciliation process to pass it without their support. Senate Minority Leader Mitch McConnell stated that Democrats should take responsibility for raising the debt ceiling since they control the White House, Senate, and House of Representatives. He also accused Democrats of using the debt ceiling as a political weapon to pass their agenda.
Democrats have rejected McConnell’s argument, stating that raising the debt ceiling is a bipartisan responsibility. Senate Majority Leader Chuck Schumer stated that Democrats are willing to work with Republicans to raise the debt ceiling, but they will not negotiate with them over whether to pay the bills that Congress has already incurred. He also warned that Republicans would be responsible for a default if they refuse to support a debt ceiling increase.
Conclusion
The debt ceiling standoff between Democrats and Republicans is a high-stakes game of political brinkmanship that could have catastrophic consequences for the economy. Treasury Secretary Janet Yellen has warned that a default would be catastrophic, but Republicans have refused to support a debt ceiling increase. Democrats have rejected Republican demands to use the reconciliation process to pass the debt ceiling increase without their support, stating that raising the debt ceiling is a bipartisan responsibility. The clock is ticking, and the United States is running out of time to avoid a default on its debt
Original article Teaser
Treasury Secretary Yellen Refuses to Answer If Biden Will Invoke 14th Amendment Amid Debt Ceiling Standoff
Treasury Secretary Janet Yellen refused to rule out Joe Biden invoking the 14th Amendment amid a stalemate on debt ceiling negotiations. The 14th Amendment states that ““validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.” While invoking the 14th would undoubtedly invoke legal challenges, the theory is that it would be unconstitutional for the government to stop paying its debts and thus Biden could simply ignore the debt limit and continue to borrow if lawmakers don’t reach an agreement. This idea has been floated before. During a debt ceiling standoff in 2011 when Barack Obama was in
