The three-month standoff between the White House and Congress over the debt ceiling threatens a first-ever default on the nation’s financial obligations, which could occur as soon as June 1.
That possibility could be avoided if the president chose to simply ignore the debt ceiling and resume borrowing money to pay the legal debts Congress itself has authorized, some legal experts say.
The opinion is based on an obscure legal theory that rests on the politics of Reconstruction, a seldom-cited portion of a constitutional amendment, and a bewildering paradox in the way Congress spends money.
Nearing the Financial Cliff
President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) have been at odds over raising the debt ceiling since January when Treasury Secretary Janet Yellen warned Congress that the nation was close to the borrowing limit….