President Biden has said he has the power to invoke the 14th Amendment to prevent US default, but he acknowledged the potential legal challenges of the measure.
“I think we have the authority to do it. The question is whether it can be done and invoked in a timely manner. That is an unresolved question,” US President Joe Biden said on May 21. congressional authority.
The head of the White House also acknowledged the legal challenges of this measure, saying that this is not an option that can be used in the short term, when the time when the US is expected to default is just a few weeks away.
The US president added that all four Congressional leaders at a recent meeting agreed that the country would default on its debt, leading him to hope there is no need to resort to the 14th Amendment.
US President Joe Biden in Hiroshima, Japan, on May 21. Photo: AFP
This is considered the toughest statement ever by the President of the United States on the activation of the 14th Amendment, which is a matter of debate among jurists and US government officials in the context of this country, gradually approaching the risk of default.
President Biden will continue to negotiate with Speaker of the House Kevin McCarthy on raising the debt ceiling on May 22. The parties had already gone through several rounds of negotiations, but still had not reached a consensus.
Under the 14th Amendment, the President of the United States can override the authority of Congress if the failure of the White House and Congress to raise the debt ceiling is deemed unconstitutional. At that time, the US Treasury can continue to borrow money beyond the debt ceiling to keep the government running.
However, US officials warn that these moves could backfire. Additionally, Republicans could also sue the Biden administration for exceeding executive authority, with the litigation process likely going to the Supreme Court, hurting America’s reputation.
In January, the US hit the $31.4 trillion government debt ceiling set by Congress, forcing the Treasury Department to take special measures to keep the government afloat. Treasury Secretary Janet Yellen has warned that the US could default on its debt on June 1 if Congress does not address the issue of raising the public debt ceiling.
Economists warn that defaults will create many serious consequences for the US economy as well as for Social Security. With the US government unable to pay its debt obligations, financial markets affected, the Treasury Department may have to delay payments for some 66 million people who receive monthly benefits.
Ngoc Anh (according to Hill)
