The 14th Amendment, originally aimed at extending the Bill of Rights liberties to former slaves, is being considered as a last-ditch effort to prevent the United States from defaulting on its debts. Treasury Secretary Janet Yellen has warned that utilizing this strategy would result in a "constitutional crisis," emphasizing the need for Congress to act swiftly and decisively.
"If Congress does not address this matter soon, there will be an economic and financial catastrophe that will be solely of their own making," asserted Yellen during a recent press conference.
According to sources within the White House, aides have been exploring ways by which the administration could rely on Section 4 of the 14th Amendment to avoid defaulting on federal debt obligations. This section states: "The validity of the public debt...shall not be questioned."
However, lawmakers argue that resorting to such measures is both unconventional and dangerous. They maintain that only through bipartisan negotiations can President Joe Biden and House Speaker Kevin McCarthy reach an agreement capable of averting national disaster.
Senator Charles Schumer (D-NY), Majority Leader in the Senate stated: “We must remember that invoking provisions like these were never intended for situations like our current fiscal challenges. We should strive towards finding common ground between parties.”
Representative Steve Scalise (R-LA), Republican Whip in The House shared similar sentiments: “It’s incumbent upon us as elected officials from both sides of aisle come together for American people's interest rather than relying on drastic interpretations Constitution.”
Legal experts also caution against using Section 4 hastily or without careful consideration its consequences constitutional framework country operates under Professor Diana Kearns Goodwin School Law University Chicago explained:
"The language used in Section 4 was designed primarily with Reconstruction-era concerns mind; applying it today's context raises plethora legal ethical questions unprecedented nature simply cannot ignored Congress," said Prof. Kearns Goodwin.
As the deadline for raising the debt ceiling looms, Congress remains under immense pressure to reach an agreement that ensures the nation's financial stability. While invoking Section 4 of the 14th Amendment may be seen by some as a viable solution, others argue it would only serve to exacerbate existing political tensions and deepen divisions among lawmakers.
Treasury Secretary Yellen has urged members of Congress to put aside their differences in order to avoid a crisis: "The stakes are too high for us not come together work towards resolution benefits all Americans long term."