President Joe Biden and his administration have been searching for ways to act unilaterally to avoid an economic 'calamity' if Congress can't reach agreement to allow more borrowing.
it needs to pay its bills and bondholders as soon as June 1 without congressional action — and that failure could kick the country into a painful recession.
Default, they argue, is therefore unconstitutional and Biden would have a duty to effectively nullify the debt limit if Congress won't raise it, so that the validity of the country's debt isn't questioned.Congress establishes the limit on borrowing, and it's up to Congress to adjust it. But the president faces pressure to act on his own because some leading Republicans are seeing default, a likely result before long, as an acceptable bargaining tool.
House Speaker Kevin McCarthy of Calif., left, standing next to Senate Minority Leader Mitch McConnell of Ky., right, speaks to reporters outside of the West Wing of the White House in Washington, Tuesday following a meeting with President Joe Biden on the debt limit. Biden has said his administration is studying the idea of invoking the 14th Amendment. He said he's skeptical that it is a viable option but the "one thing I'm ruling out is default.
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