Biden Admin Rejects 14th Amendment, Crushing Liberal Hopes.

The White House Rejects Progressive Pipe Dream of Invoking 14th Amendment for Debt Limit

The White House has dismissed the idea of President Joe Biden using the 14th Amendment to bypass ongoing negotiations with House Republicans over the debt limit. “The question was whether the United States would use the 14th Amendment and I think [Biden] and secretary [of the Treasury Janet Yellen] have been very clear, that that will not solve our problems now,” said Wally Adeyemo, deputy treasury secretary. Progressives, including senators Elizabeth Warren and Bernie Sanders, have suggested using the amendment to temporarily avoid a default on the debt, but such an action would face legal scrutiny as it has not been used by any previous administrations.

Republicans Insist on Spending Cuts for Debt Limit Increase

Republicans are demanding that Biden reduce spending in exchange for raising the debt limit, while the Biden administration has called for raising the limit with no strings attached. Treasury Secretary Janet Yellen has warned that failing to raise the debt ceiling will lead to an “economic catastrophe.”

Americans May Blame Biden for Debt Default

A recent poll shows that more Americans say they will blame Biden if the country defaults on its debt than those who say they’d blame Republicans. During a similar debt crisis in 2011, just 32 percent of voters said they would blame then-president Barack Obama for any default, yet 47 percent said they would blame Republicans, according to Fox News.

Takeaway

• The White House has rejected the idea of using the 14th Amendment to bypass negotiations with House Republicans over the debt limit.
• Republicans are demanding spending cuts in exchange for raising the debt limit, while the Biden administration wants to raise the limit with no strings attached.
• Americans may blame Biden if the country defaults on its debt, according to a recent poll.

It remains to be seen how the negotiations will play out, but the stakes are high. The consequences of a default on the debt could be catastrophic for the US economy and the global financial system.