President Biden Must Immediately Use His Fourteenth Amendment Authority on the Debt Ceiling

His Reluctance to Invoke Public Debt Clause Because it Would Challenged in Court Makes Little Sense

As discussed in the space, the debt ceiling has been breached and the Treasury Department’s ability to use financial one-offs to delay catastrophic consequences ends in about a week and a half.

In a letter being circulating for signatures, Democratic Senators Urge That Biden invoke the Fourteenth Amendment, noting that the GOP in the House and Senate are not “negotiating in good faith.”

Thus far, global markets are following President Biden’s lead by assuming business-as-usual, demonstrating faith in Congress’ ability to avoid default, as it has done 78 times in the past.

The Speaker Doesn’t Have the Votes to Raise the Debt Ceiling

The press is hopefully parsing House Speaker Kevin McCarthy’s comment that he can “see a path” to a resolution, as has been the case every time in the past.