As the debt-ceiling standoff grinds toward the so-called X-date, when the government can no longer borrow and must rely on incoming revenue to settle its obligations, the idea of invoking the 14th Amendment as a possible way to avoid a possible debt default has come into the spotlight.
Invoking the 14th Amendment—using executive power to declare the debt ceiling unconstitutional—was floated in several interviews with top Biden administration officials in recent days as a possible last-ditch measure to prevent a U.S. sovereign debt default if negotiations on raising the debt cap fail.
The United States bumped up against its $31.4 trillion debt ceiling in January, leaving it to Congress to raise the cap and allow the government to keep paying its bills. Democrats have insisted on legislation with no preconditions to raise the debt ceiling, while Republicans have demanded spending cuts in exchange for their support to lift the borrowing cap….