U.S. Treasury Building, Washington, D.C. Via Wikipedia.
By Elliott Brack
Editor and Publisher, GwinnettForum
May 23, 2023 | Much of the talk in Washington these days is about whether the Democrats and Republicans can come together with an agreement to raise the national debt limit. If that doesn’t happen, it could mean that our nation will default on its debt. That’s never happened in the 227 years of our country.
In the past, both our major parties have realized that defaulting would bring calamity not only to the United States and its financial markets, but to world financial markets, too.
It could throw stock markets into a major downward spin, hurt economies all over the world, and send nations into recessions. The time our nation could run out of money to cover our present debt, says Yellen, chairman of the Federal Reserve System, is only eight days away (June 1) at the most.
In the current crisis, President Joe Biden is working to get Republicans on board to raise the debt limit so that the country will remain financially stable. But House Leader Rep. Kevin McCarthy, perhaps the weakest House leader in years, can’t seem to muster enough members of his own party to guarantee the president that the country will not default.
There may be a way that the debt limit problem can be solved, though it is an unconventional way. It could come through the 14th Amendment to the Constitution.
The 14th Amendment touches on many aspects of citizens’ rights and is commonly known for its “equal protection of the laws.” The Amendment has appeared in cases such as Brown v. Board of Education, Roe v. Wade, Bush v. Gore and more.
Many legal scholars suggest a clause in the 14th Amendment that says the “validity of the public debt, authorized by law … shall not be questioned” could apply to the debt limit.
Legal experts argue that Section 4 of the 14th Amendment allows the Treasury Department to keep borrowing money past the debt limit and that it would be unconstitutional for the U.S. to fail to make payments. The exact wording is:
“Section 4. The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned…..”
Now comes a really intricate possible maneuver. If the president and Mr. McCarthy cannot agree, and this seems more possible each day, the Republicans are hoping that Mr. Biden will invoke the 14th Amendment, so that they can attack him for taking a “back door” approach to avoid the debt crisis.
But we feel that is exactly what President Biden wants, that is, if compromise with the Republicans is not possible, for the GOP leaders to attack him for invoking No. 14. President Biden can then point to the Republicans and say “You made me do it, that is, save the country from default, because your party is too weak to guide our nation and keep us from default!”
Stranger moments have happened in politics. In the next few days, you’ll be watching the eventual outcome of the debt crisis, whatever it may be.
UPDATE: Remember the story of the Lanier High School girls underwater robotics team, the Sea Cows, seeking to raise funds to go to the championship in Colorado? There’s good news, as one of the team members reported: “We have raised enough to fund travel to the world competition through the GoFundMe and direct donations, so we will compete in Longmont, Colorado from June 21-25!”
- Have a comment? Send to: elliott@brack.net
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