), the interference in the independence of the Federal Reserve and the sheer kookiness of the plan, it seems unlikely that Biden would consent to such an arrangement.The other more realistic option is for Biden to simply order the government to keep borrowing money. To do so he could invoke the 14th Amendment of the Constitution, Section 4, which states, “The validity of the public debt of the United States … shall not be questioned.
Biden would look resolute and decisive and, more important, would avoid an economic catastrophe 18 months before seeking re-election. House Republicans would score points with their base by throwing temper tantrums and decrying Biden as a despot. But they would both avoid a debt default and a tough vote on a debt limit deal. In effect, Biden would jump on the grenade and shield them from the damage.
What about the legal challenges to executive action? The court’s more right-wing members would likely vote to strike down Biden’s order, creating more economic havoc. But if the court wants to neutralize the growing public anger over last year’s decision overturning Roe v. Wade — and the now steady drumbeat of ethics scandals — not plunging the country into economic ruin would be an excellent place to start.
Don’t get me wrong: This is no way to run a government in a healthy and functional democracy. But right now, America’s governing institutions have fallen, and they can’t get up. Avoiding economic catastrophe is an unalloyed good. That Biden can do it while furthering the political interests of all involved makes it a virtual no-brainer. So besides being the best political option, Biden acting unilaterally is, at this point, the only way to avoid default.
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