Press: Please, stop the comedy: Invoke the 14th Amendment

Some of our annual festivities are fun. Like Mardi Gras and the Fourth of July. Add Thanksgiving, Christmas and Halloween.     

But here’s one that’s not fun: Our annual (but only when a Democrat is the White House) tug-of-war over whether to raise the debt ceiling. We’ve seen this movie before. We know it’ll go down to the wire. And we all know how it will end. It will either somehow resolve itself with both sides coming to their senses or (for the first time ever) Republicans will dig in their heels and force the United States, in effect, to declare bankruptcy — for which some Republicans, naively or insanely, believe they would not be held accountable.   

There are only three points to be made about this matter. First: Make no mistake about it, for this nation to default on its debts would be catastrophic, triggering a global economic meltdown like we’ve never seen before with the loss of millions of jobs and devastating impacts on economic stability, health care benefits, investments, corporate profits and retirement savings, hurting most those who can least afford it.   

Second: This whole debate about not raising the debt ceiling is ridiculous. And again, it happens only when a Democrat is president. Republicans piously insist we can’t just keep spending more. They say they won’t raise the debt ceiling (in part to pay the bills for programs they already voted for) without deep cuts in federal spending.   

Where were those fiscal hawks when Donald Trump was in the White House? Under Trump, the national debt soared from $19.9 trillion when he took office to $26.9 trillion at the end fiscal year 2020. An increase of $7 trillion — with not a peep from fiscal conservatives.    

Not only that, under Trump, the debt ceiling was raised three times. Three times! With no angst, no debate, no opposition — and no spending cuts.     

But, suddenly, with Joe Biden in the White House, there’s a whole new flock of born-again fiscal hawks. The hypocrisy of Republicans on this issue is breathtaking.   

Third, and most important of all: This manufactured debate over the debt ceiling doesn’t have to happen and should never be allowed to happen, because it’s fundamentally unconstitutional. Section 4 of the 14th Amendment of the Constitution clearly states: “The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.”   

 You don’t have to be a constitutional scholar to understand what that means. It’s pretty straightforward. The 14th Amendment was adopted after the Civil War to make sure that the United States didn’t renege on its debts the way Confederate states did. It means we have no choice. No debate. No bargaining. No political game-playing. No refusing to pay our bills unless we agree to unrelated spending cuts. No holding the entire nation hostage for partisan gains. The United States must pay its debts. Period.   

It’s a waste of time for President Biden to hold any more meetings with House Speaker Kevin McCarthy (R-Calif.), who may not be able to deliver the votes of his own conference, let alone deliver a bill that could pass the Senate.    

President Biden says he has the authority to use the 14th Amendment. Then he should use it. Immediately. It’s better than a bad deal. It beats economic chaos. And it’ll end this annual comedy about the debt ceiling once and for all.   

Press is host of “The Bill Press Pod.” He is the author of “From the Left: A Life in the Crossfire.”