With only four days left until the August 2nd deadline and no deal in hand, more and more of the top Congressional Democrats have been coming out in support of the President using the 14th Amendment to ignore the debt ceiling. Yesterday the House’s second ranking Democrat Steny Hoyer (D-MD) came out strongly in favor of this tactic.
From Huffington Post:
That option is “arguably in his power,” Hoyer said on MSNBC’s “The Ed Show.”
“Very frankly, if it came down to his looking default in the eye on Tuesday or taking this action, as President Clinton said, it would be better to take the action and find out later that perhaps he went beyond his authority but … protected the creditworthiness of the United States of America.”
House Budget ranking member Chris Van Hollen (D-Md.) also lent support to the constitutional approach.
Hoyer’s and Van Hollen’s statements mirror what we have recently heard from James Clyburn (D-SC), the third ranking House Democrats, who came out in support of the 14th amendment solution earlier this week.
In addition, today you also have Democratic Senator Tom Harkin (D-IA) saying there is nothing stopping President Obama from using the 14th Amendment to solve this potential crisis.
I would say in the past few days the chances of the President using the 14th amendment or minting a $1 trillion platinum coin to deal with the situation has increase significantly.