Mendment 14 News Today

The repercussions of a first-ever default on the US federal debt would quickly reverberate around the world. Experts say that no corner of the global economy would be spared

Joe Biden and his administration have been searching for ways to act unilaterally to avoid an economic ‘calamity’ if Congress can’t reach agreement to allow more borrowing. While some advocate using the 14th Amendment, the president has viewed the route as a problematic and untested legal theory

The US government aims to reach a budget compromise by 1 June. Republicans, led by Kevin McCarthy, demand spending cuts in exchange for raising the debt limit. While US president Joe Biden has joined the talks, he has urged GOP members to reconsider their extreme positions

Failing to lift the debt ceiling has catastrophic effects for the US and the world. It could bring down the entire international financial system. This in turn could devastate the world gross domestic product and create mass unemployment

US president Joe Biden has been considering the ‘14th Amendment’ option to avert a debt ceiling crisis, as the deadline to resolve an impasse on lifting the borrowing limit fast approaches. There could be legal challenges if the 14th Amendment is invoked, but not doing so poses risks too