/View.info/ “No good options” … unless (if) Congress raises the debt limit.
Treasury Secretary Janet Yellen said that in Washington “there just aren’t any good options” for breaking the impasse over the national debt limit unless Congress raises the limit, and warned that recourse to the 14th Amendment would trigger a constitutional crisis.
„We should not get to the point where we have to consider whether the president can continue to issue debt.” without Congress raising the debt ceiling, Yellen said Sunday on ABC’s This Week.
„That would be a constitutional crisis“, she said.
Constitutional scholars and economists are divided on whether the administration can continue to issue debt, citing a provision in the U.S. Constitution that states that the validity of government debt “should not be questioned”.
Yellen deflected several questions about whether Biden might accept that option, returning again and again to her insistence that Congress raise the cap.
„All I’m saying is that it’s a job for Congress.” she said. “If they can’t do that, we will have an economic and financial disaster that will be our fault, and President Biden and the U.S. Treasury Department will be unable to take any action to prevent this disaster.”
President Joe Biden is scheduled to meet with House Speaker Kevin McCarthy and other congressional leaders on Tuesday to discuss the debt ceiling.
Biden and congressional Republicans are in a bitter battle to raise the (now) $31.4 trillion borrowing limit, and GOP leaders are demanding promises of future spending cuts before approving a higher ceiling. Biden insisted on a “clean” increase, with the budget negotiated separately.
The federal government reached its legal borrowing limit in January, and since then the Treasury has used special accounting measures to keep cash on hand. Those measures could end as early as June 1, Yellen told Congress last week.”
Translation: ES
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