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Home Industry News

Democratic Faction Instructs Biden to Use 14th Amendment to Raise Borrowing Limit

by Jane Edwards
May 15, 2023
in Industry News, News
Finance tax

Finance tax

Senate Democrats are calling on President Joe Biden to invoke the 14th Amendment to increase the debt ceiling amid a standoff with Republicans in Congress, The Hill reported Sunday.

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“I personally feel that we should test that and I think that the language is very explicit in that amendment,” said Senate Judiciary Committee Chairman Dick Durbin, D-Ill.

Biden and House Speaker Kevin McCarthy met at the White House on Tuesday, May 9, but failed to reach an agreement on the debt limit.

The U.S. government could default on its debt as soon as June 1 if Congress fails to raise or suspend the borrowing limit.

Congressional Republicans have warned of court challenges if the president decides to use the amendment.

CNN reported that Biden and congressional leaders are set to meet Tuesday following “productive” meetings over the debt ceiling among staff.

People familiar with the matter said negotiators have identified some areas where the White House and congressional representatives could find common ground such as canceling unspent pandemic relief funds, reducing spending and making revisions to the permitting process.

Deputy Treasury Secretary Wally Adeyemo said Sunday that there have been “constructive” talks between Biden and Congress.

The president “looks forward to getting together with the leaders to talk about how we continue to make progress,” Adeyemo told CNN’s Dana Bash Sunday on the network’s “State of the Union” program.

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