Janet Yellen’s Response To Biden
“I’m looking at the 14th Amendment as to whether or not we have the authority — I think we have the authority,” Biden told reporters at a press conference in Hiroshima, Japan, on Sunday.
Treasury Secretary Janet Yellen promptly shot down Joe Biden’s argument that he could unilaterally lift the debt ceiling based on the 14th Amendment.
Could it be done and activated in time that it would not be appealed, allowing default on the debt to continue through the relevant date? I still have my doubts about that.
In response to Vice Resident Biden’s allegation, Treasury Secretary Yellen refuted it on MSNBC, saying that the 14th Amendment cannot increase the debt cap.
“Does the 14th Amendment fall under the category of extraordinary measures?” Meet the Press host Chuck Todd asked.
“Well, extraordinary measures is used in a different way, but there hasn’t been much discussion of the 14th Amendment, and as President Biden said, I believe this morning, it doesn’t seem like something that could be appropriately used in these circumstances given the legal uncertainty around it and given the tight timeframe we’re on. So my devout hope is that Congress will raise the debt ceiling, and we will pay all of our bills.”
What a fancy way of saying we are screwed as a nation. Of course, this is my 0.02. Only Congress can borrow or spend trillions of dollars, not the executive branch.
Their argument for it is based on Section 4 of the 14th Amendment, which states, “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.”
The drafters of this amendment did not want Congress to simply dismiss its obligations to pay off the Union’s debts from the Civil War. Although the amendment is not limited to those debts, it has nothing to do with debt ceilings set by Congress. Default, after all, is not a denial of the validity of debt, but rather a refusal or failure to pay debts in time despite their validity.
Meanwhile, on Sunday, House Speaker Kevin McCarthy (R-Calif.) said talks with the Biden regime over the debt ceiling have stalled.