White House officials have discussed invoking the 14th Amendment to dodge the limit, but they see it as highly risky.
“There is no way to protect our financial system and our economy other than Congress doing its job and raising the debt ceiling and enabling us to pay our bills,” Yellen said. “We should not get to the point where we need to consider whether the president can go on issuing debt. This would be a constitutional crisis.”Asked again, Yellen said: “It’s Congress’s job to do this.
“I don’t think the Supreme Court is prepared to bring on global financial calamity by finding in favor of the congressional Republicans,” Hockett said. “I think the Supreme Court would expedite review very quickly on this, and for that reason, I don’t think we’d see terrible turmoil in the markets. I think we’d have more turmoil if we have to wait to see if McCarthy and Biden will come to an accommodation.
Peter R. Orszag, who served as the director of the Office of Management and Budget under President Barack Obama and is now chief executive of financial advisory at Lazard, also acknowledged potentially significant “economic and financial” harms from invoking the 14th Amendment but said administration officials should be exploring all contingency plans.
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