{"id":575231,"date":"2023-05-19T22:28:35","date_gmt":"2023-05-19T19:28:35","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/us-chamber-warns-biden-using-14th-amendment-would-be-economically-calamitous\/"},"modified":"2023-05-19T22:28:35","modified_gmt":"2023-05-19T19:28:35","slug":"us-chamber-warns-biden-using-14th-amendment-would-be-economically-calamitous","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/us-chamber-warns-biden-using-14th-amendment-would-be-economically-calamitous\/","title":{"rendered":"#US Chamber warns Biden using 14th Amendment would be \u2018economically calamitous\u2019"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/04\/AP21042069733026-e1682527642659.jpg?w=900\" \/><\/p>\n<div>\n<p>The Chamber of Commerce, the largest business group in the nation, warned President Biden on Friday of the potentially disastrous economic effects of invoking the 14th\u00a0Amendment to avoid the country defaulting on its debts.<\/p>\n<p>\u201cIt is the Chamber\u2019s view that attempting to invoke so-called \u2018powers\u2019 under the 14th\u00a0Amendment would be as economically calamitous as a default triggered by a failure to lift the debt limit in a timely manner,\u201d wrote Neil Bradley, the Chamber\u2019s chief policy officer, in a letter to the president.<\/p>\n<aside class=\"ad-unit ad-unit--mr1_ab\"><\/aside>\n<p>Bradley argued the president acting unilaterally to issue new debt above the debt limit is not supported by the Constitution and \u201cignores negative economic consequences that would occur if the administration attempted to issue such debt.\u201d\u00a0<\/p>\n<p>He also said the letter sent earlier this week from Sen. Bernie Sanders (I-Vt.), Sen. Tina Smith (D-Minn.) and several other senators to Biden that suggested he prepare to use the amendment, led him to write the letter Friday.<\/p>\n<p>Bradley noted that in the letter from the senators, they \u201comitted a foundational clause\u201d of Section 4 of the 14th Amendment and replaced it with an ellipsis, therefore not including that the validity of the public debt is \u201cauthorized by law.\u201d<\/p>\n<p>Additionally, the Chamber said the Treasury Department attempting to borrow money above the statuary limit would ignore the powers enshrined in the Constitution. The business group said if the U.S. were to sell treasuries to cover debt, a significant interest premium would be included, and those costs could be a significant drag on the economy.<\/p>\n<p>\u201cSimply put, there is no alternative to reaching a bipartisan agreement to raise the statutory debt limit,\u201d Bradley wrote.<\/p>\n<p>The Chamber has backed spending caps as part of a debt ceiling deal and has\u00a0called for lawmakers to ensure the deal includes permitting overhauls, a top priority for the organization. Top business lobbying groups overall\u00a0have called for a debt ceiling compromise\u00a0between the White House and Republicans.<\/p>\n<aside class=\"ad-unit ad-unit--mr2_ab\"><\/aside>\n<p>If the president were to invoke the 14th\u00a0Amendment, it\u00a0would likely lead to uncertainty\u00a0hanging over the already-fragile financial system and risk a default being tied up in the courts.<\/p>\n<p>The president said last week there have been discussions about whether the 14th\u00a0Amendment can be invoked, but he acknowledged it would have to go to the courts. Floating the option\u00a0could be used as leverage\u00a0and put pressure on Republicans to strike a deal ahead of the June 1 default deadline.<\/p>\n<p>The letter from the Chamber comes as Biden is in Japan for the Group of Seven summit. Speaker Kevin McCarthy (R-Calif.) on Friday said debt limit\u00a0talks had broken down\u00a0and that the White House was simply not willing to accept spending cuts at the levels Republicans are insisting upon.<\/p>\n<\/div>\n<p>Copyright 2023 Nexstar <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Media<\/a> Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.<\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/thehill.com\/business\/4012596-us-chamber-warns-biden-using-14th-amendment-would-be-economically-calamitous\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Chamber of Commerce, the largest business group in the nation, warned President Biden on Friday of the potentially disastrous economic effects of invoking the 14th\u00a0Amendment to avoid the country defaulting on its debts. \u201cIt is the Chamber\u2019s view that attempting to invoke so-called \u2018powers\u2019 under the 14th\u00a0Amendment would be as economically calamitous as a&#8230;<\/p>\n","protected":false},"author":1,"featured_media":575232,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/04\/AP21042069733026-e1682527642659.jpg?w=1280","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[51421,134417,117,134343,134418,86421,134661,991,71525,142991,134345,143383],"class_list":["post-575231","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bernie-sanders","tag-blog-briefing-room","tag-business","tag-campaign","tag-congress-blog","tag-criminal-justice","tag-energy-environment","tag-joe-biden","tag-national-security","tag-neil-bradley","tag-state-watch","tag-tina-smith"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/575231","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=575231"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/575231\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/575232"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=575231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=575231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=575231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}