Senate Majority Leader Harry Reid, Sen. Dick Durbin (D-Ill.), Sen. Chuck Schumer (D-N.Y.) and Sen. Patty Murray (D-Wash.) outlined their support for such a move in a letter to Obama on Friday.
?In the event that Republicans make good on their threat by failing to act, or by moving unilaterally to pass a debt limit extension only as part of unbalanced or unreasonable legislation, we believe you must be willing to take any lawful steps to ensure that America does not break its promised and trigger a global economic crisis ? without Congressional approval, if necessary,? the letter read.
The U.S. hit the $16.4 trillion debt ceiling on Dec. 31 and is now operating on temporary accounting adjustments that are unsustainable beyond next month. Without Congress?s approval for new borrowing, the nation runs the risk of defaulting.
Republicans have said they will not lift America?s borrowing limits if there are not sufficient spending cuts, which should include entitlement programs, a sore point of negotiation for Democrats.
Congressional Democrats have been advocating for the President to invoke the 14th Amendment, declaring the actions of Congress aren?t needed to raise the limit, if Congress fails to act on a deficit reduction plan.
?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,? Section 4 of the amendment read.
Reid and others argue in the letter that all Americans, regardless of their political affiliations, must ensure the nation meets it legal obligations. They believe extending the debt limit isn?t a matter for negotiation.
?We agree about the importance of developing a broad, bipartisan agreement on fiscal policy that strengthens our economy and reduces our long-term budget deficit,? the letter read.
Read the full text of the letter here.
Source: http://www.ibtimes.com/reid-obama-bypass-congress-if-republicans-stall-debt-ceiling-talks-1010426
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