Risk non-fulfillment of the debt ceiling they keep not only Americans, but the whole world insecure, as this will exacerbate the problem that the economy is suffering from as slowdown and rise in interest rates.
Default could come as early as June 1 If Joe Biden and lawmakers fail to reach a sustainable agreement, but if the executive branch acts unilaterally, the financial system could suffer with the risk of a default going to court, reports The Hill.
Yes, sure the president can enforce the 14th amendment to avoid violating, Biden sees no need to resort to it, assuring that “I don’t think this solves our problem now. I think this will only solve your problem if, after the court decides that it is applicable to future efforts.”
David Super, A constitutional law expert at Georgetown University told the aforementioned publication that if Biden finds it unconstitutional, the debt ceiling could benefit from the 14th Amendment, but given “how polarized the country is and how determined Republicans are to use the debt ceiling for extortion, of course they’ll arrange for someone to sue”.
But in the extreme idea that Biden acted unilaterally, according to the aforementioned medium, face legal action from treasury holders who are waiting for debt payments from Republican lawmakers and will also face legal action for violating Congressional control over spending and federal taxes by ignoring the debt limit.
Information leaked from the White House that Biden mulls idea of acting unilaterally as a last resort and part of his last resort, a possible solution is that the finance minister, Janet Yellen also dislikes by ensuring that the application of Amendment 14 to avoid non-compliance can unleash a “constitutional crisis”.
“You have to make decisions if we get into such a situation. But thinking of all the possible things we could do The answer is that there is no good alternative that will save us from disaster. The only sensible thing to do is to raise the debt ceiling and avoid the dire consequences that would follow if we had to make such decisions,” Yellen said.
Republicans in the House of Representatives opposed raising the debt ceiling as part of their Biden administration pick, to which Yellen said that The government is working to avoid economic shocks this will possibly be brought about if Congress does not approve a $31.4 million increase in the debt limit.
Financial analysts say that in the event of a default raise the cost of credit for AmericansAlso to cause the loss of millions of jobs.
McCarthy said he thought an agreement should be reached next week. to get through congressional mechanisms before a possible June 1 deadline.
Philip Wallach, a senior fellow at the American Enterprise Institute, told CNN. the application of the 14th Amendment would also open the door to potential abuse of presidential power. allowing the executive branch to bypass Congress.
Source: La Opinion
Alfred Hart is an accomplished journalist known for his expert analysis and commentary on global affairs. He currently works as a writer at 24 news breaker, where he provides readers with in-depth coverage of the most pressing issues affecting the world today. With a keen insight and a deep understanding of international politics and economics, Alfred’s writing is a must-read for anyone seeking a deeper understanding of the world we live in.