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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Politics

Politics

Democratic senators advise Biden to use 14th Amendment to prevent debt default.

U.S. Senator Bernie Sanders, joined by Senators Jeff Merkley (D-OR), Edward Markey (D-MA), John Fett... U.S. Senator Bernie Sanders, joined by Senators Jeff Merkley (D-OR), Edward Markey (D-MA), John Fetterman (D-PA), and Peter Welch (D-VT), speaks at a press conference on Capitol Hill about 11 Senate Democrats who sent a letter to President Joe Biden urging him to invoke the 14th Amendment to avoid a catastrophic debt default, in Washington, U.S., May 18, 2023. REUTERS/Evelyn Hockstein
U.S. Senator Bernie Sanders, joined by Senators Jeff Merkley (D-OR), Edward Markey (D-MA), John Fett... U.S. Senator Bernie Sanders, joined by Senators Jeff Merkley (D-OR), Edward Markey (D-MA), John Fetterman (D-PA), and Peter Welch (D-VT), speaks at a press conference on Capitol Hill about 11 Senate Democrats who sent a letter to President Joe Biden urging him to invoke the 14th Amendment to avoid a catastrophic debt default, in Washington, U.S., May 18, 2023. REUTERS/Evelyn Hockstein

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Senate Democrats urged President Joe Biden to invoke the 14th Amendment to avoid a financial collapse if negotiations with Republicans fail in a Thursday letter.

The 11 members, led by independent Bernie Sanders, who caucuses with Democrats, praised Biden’s efforts to seek a bipartisan debt ceiling deal. Republicans “not acting in good faith.”

“We write to urgently request that you prepare to exercise your authority under the 14th Amendment of the Constitution, which clearly states: ‘the validity of the public debt of the United States…shall not be questioned,'” they wrote Biden, a fellow Democrat.

“Using this authority would allow the United States to continue paying its bills on-time, without delay, preventing a global catastrophe,” they said.

At the G7 Summit in Japan this week, Biden is negotiating with House of Representatives Speaker Kevin McCarthy ahead of June 1, when the U.S. Treasury has warned the government could run out of money if the debt ceiling is not raised.

Congress raises the federal borrowing limit to authorize spending.


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