President Obama has flat out denied top Democratic Senators’ proposal to bypass Congress and raise the nation’s debt limit on his own authority by invoking the 14th amendment, which says that the government’s debt “shall not be questioned.”
According to The Washington Times, White House press secretary Jay Carney said in a statement, “There are only two options to deal with the debt limit: Congress can pay its bills, or it can fail to act and put the nation into default. Congress needs to do its job.”
The U.S. is due to reach its debt-limit as soon as Feb. 15 unless Congress extends the amount, currently at $16.39 trillion. However, in return for raising the debt ceiling, Republican leaders have demanded cuts to government programs such as Medicare and Unemployment.
If the two sides cannot reach an agreement before the U.S. hits its debt-ceiling, the nation would default on its debt and, in turn, could trigger a global economic crisis.