Vice President Joe Biden suggested considering the 14th Amendment as a potential solution to the impending June 1st deadline for the US debt ceiling during a press conference in Hiroshima. He expressed interest in exploring the amendment’s authority and whether it could be invoked in time to prevent default without facing appeals. Biden indicated his willingness to further investigate this option through the court system.
While some legal analysts argue that using a constitutional amendment to mandate debt payment fulfillment is unconstitutional, President Biden has previously ruled out invoking this amendment to extend the debt ceiling.
Biden criticized Republicans for their “extreme position” during the debt talks and accused them of undermining his re-election bid. He expressed his intention to engage in direct discussions with Speaker Kevin McCarthy, hoping for a potential compromise.
House Republicans rejected the White House’s offer to freeze discretionary spending for both non-defense and defense programs relative to the 2023 fiscal year. McCarthy aimed to reduce non-defense spending compared to previous years, while Democrats argued that maintaining unchanged figures would effectively result in a cut due to inflation.
President Biden established a negotiating team during his visit to Japan and remained in constant contact with them. White House negotiators made themselves available for meetings with McCarthy’s group as needed.
The issue of reduced spending remains contentious, with Republicans demanding it in exchange for raising the debt ceiling. The Republican-controlled House passed a package to decrease spending to fiscal 2022 levels and set a yearly spending cap for the next decade. However, the Democratic-controlled Senate promptly rejected it.
The White House is unwilling to fully meet the Republicans’ demands but remains open to reducing expenditure in other areas. The breakdown of talks has intensified attacks between the two sides. The White House accused Republicans of endangering the economy and pushing it toward default, potentially causing job losses and economic recession.
Achieving an agreement will require support from both parties, given the slim majority in the House and Democratic control of the Senate. Significant spending cuts need to satisfy fiscally conservative Republicans while gaining acceptance from the Senate’s Democratic majority. Additionally, Republicans aim to increase military funding, while Democrats prioritize protecting social programs like education and healthcare. Vice President Biden’s proposal to reverse tax cuts for corporations and the wealthy during the Trump administration has been rejected by Republicans.
In summary, Vice President Biden raised the 14th Amendment as a potential solution to the debt ceiling issue, while acknowledging legal debates about its constitutionality. He criticized Republicans for their stance, expressed willingness to negotiate, and highlighted the challenges of reaching a compromise on spending cuts and revenue sources. The negotiations remain tense, with both sides presenting their priorities and concerns.