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Friday, July 8, 2011

postheadericon Schumer threatens 14th Amendment solution for 'next round' of debt-ceiling talks

A leading Senate Democrat on Thursday raised the possibility of using the so-called "14th Amendment solution" in future debt-ceiling debates.

Although the White House has dismissed the idea of attempting to use this constitutional means to bypass congressional approval of raising the debt ceiling, Sen. Charles Schumer (D-N.Y.) was not so quick to dismiss the possibility.

It's "a relatively new argument" that merits exploration, Schumer said.

Some constitutional analysts have suggested that the 14th Amendment makes it illegal for the United States to default on its debt, giving the president the power to extend the Treasury Department's borrowing authority without congressional approval.

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