Democrats in Congress and liberal academics are pushing ideas to address the debt ceiling without needing to hear Republicans' concerns.
Princeton University political scientist Dr. Lauren Wright breaks down the debate over the debt ceiling between President Biden and Kevin McCarthy on 'Fox News Live.'
Other ideas being floated include invoking the 14th Amendment to the U.S. Constitution, which says the federal government's public debts must be repaid."Section 4 of the 14th Amendment says the threat to default is itself unconstitutional," Harvard law professor Laurence Tribe told the Washington Post, making a legal argument for Biden essentially ignoring the debt limit.
Buying back government bonds issued with lower interest rates that are now available on the secondary market for less than face value because the Federal Reserve has since raised interest rates President Biden and administration officials have insisted Congress pass a"clean" increase of the debt ceiling without any other budget changes or concessions to Republicans, many of whom say they won't back a debt limit hike unless it includes attached spending cuts or fiscal reforms.
WASHINGTON, DC, MAY 24 U.S. Rep. Pramila Jayapal speaks as Rep. Sheila Jackson Lee and Rep. David Ciclline listen during a news conference to denounce a meeting between the Justice Department and FBI officials and Rep. Devin Nunes and Rep. Trey Gowdy May 24, 2018 on Capitol Hill in Washington, DC. "Democrats want to get rid of the debt ceiling and give Uncle Sam an unlimited credit card," said Stephen Moore, a senior fellow at the Heritage Foundation and an economist with FreedomWorks.
Douglas Holtz-Eakin, president of the American Action Forum, grouped these so-called workarounds into two categories:"one-time measures that raise some cash but merely delay the inevitable" or"ad hoc procedures for which there may be no legal basis or hope of operational feasibility." Still, McCarthy said Republicans oppose a clean debt limit hike without attached spending cuts to ensure a sounder fiscal position for the country moving forward. However, he noted cuts for social programs like Social Security and Medicare are off the table.
Speaker of the House Kevin McCarthy, R-Calif., conducts a news conference in the U.S. Capitols Statuary Hall on Thursday, January 12, 2023."A U.S. government debt default would be a major U.S. and world economic event that could shake world financial markets and heighten the risk of a deep recession," said Lachman."Such a default would imply that the world's largest sovereign debtor could not be relied upon to meet its commitments.
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