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The 14th Amendment says the debt of the United States shall not be questioned; a default questions the debt big time, and so is unconstitutional. — Sheldon Whitehouse (@SenWhitehouse) May 17, 2023
The theory is based on a clause in the 14th Amendment that reads “the validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and ...
Debt Limit 14th Amendment-Explainer. FILE - President Joe Biden speaks on the debt limit during an event at SUNY Westchester Community College, May 10, 2023, in Valhalla, N.Y. Biden and his ...
Since the debt ceiling system was instituted in 1917, Congress has never not raised the debt ceiling. Congress has voted 78 times to raise or suspend the debt limit since 1960.
U.S. federal government debt ceiling from 1990 to January 2012 [33] (unadjusted for GDP and population) The debt-ceiling debate of 1995 led to a showdown on the federal budget and resulted in the U.S. federal government shutdowns of 1995 and 1996. [34] [35] In all, Congress raised the debt ceiling eight times during the Clinton Administration.
The president said Sunday he believes he has the legal right to use this clause in the U.S. Constitution to raise the federal government's $31.4 trillion debt ceiling.
The United States debt ceiling is a legislative limit that determines how much debt the Treasury Department may incur. [23] It was introduced in 1917, when Congress voted to give Treasury the right to issue bonds for financing America participating in World War I, [24] rather than issuing them for individual projects, as had been the case in the past.
Former President Bill Clinton endorsed this counter-argument, saying he would eliminate the debt ceiling using the 14th Amendment. He called it "crazy" that Congress first appropriates funds and then gets a second vote on whether to pay. [91]