President Biden on Sunday rejected the prospect of getting rid of the debt limit entirely, but he said he will look into how the 14th Amendment could be used during future debt ceiling fights after he and Speaker Kevin McCarthy (R-Calif.) brokered a deal to avoid a default.
Biden delivered remarks at the White House shortly after speaking with McCarthy on the phone, calling the agreed upon budget deal “good news” that will take default off the table by raising the debt ceiling. He urged Congress to pass the measure in the coming days.
The president was asked whether he believes the U.S. should get rid of the debt limit entirely, something Treasury Secretary Janet Yellen has advocated for in the past.
“No, I think it would cause more controversy getting rid of the debt limit,” Biden said. “Although I am exploring the idea that we would, at a later date a year or two from now, decide whether or not the 14th Amendment, how that actually would impact on whether or not you need to do the debt limit every year.
“But that’s another day,” Biden added.
Debate over the 14th Amendment and whether it could be used unilaterally to avoid a default picked up steam in recent weeks amid negotiations between the White House and House Republicans.
The idea hinges on a phrase in the 14th Amendment that says the public debt “shall not be questioned,” which proponents of the idea argue means the president could unilaterally continue to issue debt if Congress does not act.
Some Democrats and White House officials had advocated for Biden to use the amendment to workaround Republican demands for spending cuts in exchange for raising the debt ceiling.
But Biden was publicly adamant that while he was exploring the idea, it would have likely been tied up in court and not been a viable solution to avoid default before the U.S. Treasury ran out of money in early June.
Source: The Hill
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