In a recent twist of events, President Joe Biden has decided against invoking the 14th Amendment to manage the looming debt crisis, even if he fails to strike a deal with House Republicans regarding the debt limit. This news comes directly from top administrative officials.
Previously, amid challenging negotiations with House Speaker Kevin McCarthy over a debt limit increase, President Biden had contemplated leveraging the fourth section of the 14th Amendment. This move would have allowed him to autonomously compensate U.S. creditors, sidestepping the need for congressional approval.
However, this strategy stirred controversy on both sides of the aisle, causing President Biden and Treasury Secretary Janet Yellen to reconsider. Deputy Treasury Secretary Wally Adeyemo clarified the administration’s position, stating, “I think the president and secretary have been clear that that will not solve our problems now. So, yes, that is a no.”
Despite several Senate Democrats imploring President Biden to exercise his authority under the 14th Amendment, a move they claimed would prevent a global economic catastrophe, the administration chose to respect constitutional boundaries. The administration recognized that the real solution lies with Congress and the crucial decision to raise the debt limit.
Critics of the 14th Amendment approach included Republicans, legal experts, and even some Democrats. Constitutional scholars like Richard Epstein of New York University Law School cautioned that the president invoking the 14th Amendment could be considered an “impeachable offense.”
Furthermore, Jonathan Turley, a law professor at George Washington University, emphasized the damage such an action could do to the separation of powers, reducing this fundamental doctrine to “junk bond status.”
Senate Minority Leader Mitch McConnell, along with Republican Rep. Lauren Boebert of Colorado, cautioned President Biden that taking this route was “not an option.” They were joined by fellow Democrats, including Secretary Yellen, who expressed concern that invoking the amendment in this context would precipitate a “constitutional crisis.”
Currently, President Biden and Speaker McCarthy continue to negotiate over a possible deal. The Republican side insists on including sufficient public spending cuts and other policy measures in any agreement. The House Freedom Caucus remains steadfast, indicating that it will not approve a deal lacking several concessions, a stance that McCarthy needs their support to uphold.
It is essential to note that the power to address this critical issue lies with Congress, underscoring the importance of checks and balances in our democracy. Regardless of how daunting the negotiation process may seem, these ongoing discussions reflect the essence of our democratic process: Compromise, negotiation, and respect for constitutional boundaries.
