Deputy Treasury Secretary Wally Adeyemo on Sunday threw cold water on the idea of President Joe Biden invoking the 14th Amendment to avert a debt default.
Adeyemo was asked during an interview on CNN's State of the Union about the president's comments Tuesday that he was considering using the 14th Amendment, which generally deals with citizenship but includes a clause that says the public debt"shall not be questioned.
Pressed further on the matter, Adeyemo reiterated his previous comment that"the president has made clear that he doesn't think that would solve our problems now." The debt ceiling, or the top amount the federal government can borrow, will either need to be raised or abolished sometime next month to avert a debt default. Economists have long warned that such a default would wreak havoc on the economy.
House Speaker Kevin McCarthy was able to hold enough of the House Republican Conference together to pass his debt ceiling budget proposal, which is meant to serve as an opening salvo in negotiations with the White House, late last month. Biden, backed up by Senate Democrats, stood firm in his refusal to negotiate over the debt limit for months.
Negotiations have picked up in recent weeks as the deadline approached, though no deal has been reached. Asked about the Biden team's most recent conversations with Congressional Republicans, Adeyemo said they had been"constructive between all of the parties. I know the president looks forward to getting together with the leaders to talk about how we continue to make progress."
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