The TRUE Purpose Of The Debt Ceiling

The United States operates a rather unique financial system, wherein the powers of fiscal responsibility are shared between the President and Congress. If you’ve been tuning into the news, you may hear discussions about the debt ceiling or the President’s budget, or Biden using the 14th Amendment. Such discourse could easily lead you to believe the President holds absolute power over fiscal matters. However, the reality is quite the contrary.

Here’s the thing: the US owes a whopping $31.4 trillion and needs to borrow more. We’re in the peculiar position where Biden says he’s got the legal authority under the 14th Amendment to raise the debt ceiling. The hitch? He might not have the time to do it. Imagine that!

You might be familiar with the 14th Amendment if you paid attention in your high school civics class. But if you were too busy playing footsie with your cute classmate, here is a short refresher, it’s the one that confidently asserts “the validity of the public debt of the United States … shall not be questioned.” As for its implications for the presidency and Congress, well, that’s where legal scholars begin to scratch their heads.

Cornell University law professor, Michael Dorf, has an interesting perspective. He suggests that the “least unconstitutional” course might be for Biden to act independently to protect the…