U.S. Congress running out of time to raise federal government’s $31.4-trillion debt ceiling
U.S. President Joe Biden said on Friday he was not yet ready to invoke the 14th Amendment to avoid the United States defaulting on its debts as early as June 1, comments which for the first time suggested he has not ruled out the option.
The divided U.S. Congress is running out of time to raise the federal government’s $31.4-trillion debt ceiling, with the Treasury Department warning it could be unable to pay its bills as soon as June 1. Section Four of the amendment, adopted after the 1861-1865 Civil War, states that the “validity of the public debt of the United States ... shall not be questioned.” But the clause has been largely unaddressed by the courts.
White House and other administration officials have examined the possibility but many have dismissed it as a last ditch solution unlikely to survive a court challenge, according to a person briefed on those discussions.
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