Biden is "considering" using a constitutional mechanism to avoid America's default
Arab and international
Economy News / Baghdad
US President Joe Biden announced Sunday that he is studying the possibility of resorting to a constitutional mechanism to avoid defaulting the United States, as talks with Republicans stalled over raising the debt ceiling.
"I can't guarantee they won't fabricate a default by doing something outrageous," Biden said at the G7 summit in Hiroshima, stressing, "I'm studying Article 14 (of the US Constitution) to see if we have (...) legal authority" to bypass Congress.
US President Joe Biden confirmed Sunday that Republican proposals on the US debt ceiling are "unacceptable", according to Agence France-Presse.
Market PulseEconomyFind out the most important upcoming economic events this week
"Now is the time for the other side to abandon its extreme positions, because so much of what they have proposed so far is simply and quite frankly unacceptable," Biden told reporters at the G7 summit in Japan.
Views 57
Added 05/21/2023 - 3:20 PM