Now, one last point I want to make — while I will negotiate over many things, I will not have another debate with this Congress over whether or not they should pay the bills that they’ve already racked up through the laws that they passed. Let me repeat: We can’t not pay bills that we’ve already incurred. If Congress refuses to give the United States government the ability to pay these bills on time, the consequences for the entire global economy would be catastrophic — far worse than the impact of a fiscal cliff.
People will remember, back in 2011, the last time this course of action was threatened, our entire recovery was put at risk. Consumer confidence plunged. Business investment plunged. Growth dropped. We can’t go down that path again.
Now Nancy Pelosi is going a step further by coming out in favor of using the Fourteenth Amendment if it comes down to that. The Hill:
House Minority Leader Nancy Pelosi on Friday amplified her support for a constitutional solution to the debt-ceiling increase.
The California Democrat said that, given the opportunity if she were president, she would not hesitate to invoke the 14th Amendment in order to hike the debt ceiling without congressional support — a move the Obama administration has rejected outright.
“I’ve made my view very clear on that subject: I would do it in a second,” Pelosi said Friday during her weekly press briefing in the Capitol. “But I’m not the president of the United States.“
The amendment states that the “the validity of the public debt … shall not be questioned.”
As The Hill noted, the White House has already made it clear they won’t go there. In fact, Press Secretary Jay Carney said, “This administration does not believe that the 14th Amendment gives the president the power to ignore the debt ceiling — period.”
And so it goes.