Senate Democratic leaders urged President Barack Obama to take any steps he can to pay U.S. financial obligations if congressional Republicans don’t support a debt-limit increase that Democrats deem acceptable.
In a letter to Obama yesterday, Senate Majority Leader Harry Reid and three other top Democrats said Obama “must be willing to take any lawful steps to ensure that America does not break its promises and trigger a global economic crisis -- without congressional approval, if necessary.”
The Democrats’ letter sharpens the dispute with Republicans over the borrowing limit, which the U.S. hit at year’s end. Amid Republican opposition to raising the debt ceiling without spending cuts, some Democrats have proposed invoking the Constitution’s 14th amendment and minting a platinum coin with a face value of $1 trillion to pay government bills.
House Speaker John Boehner of Ohio and Senate Minority Leader Mitch McConnell of Kentucky, both Republicans, have said they will seek substantial spending cuts in exchange for any debt-ceiling increase. Boehner has said cuts must match or exceed the amount the ceiling is raised.
Read more: Senate Dems Tell Obama to Bypass GOP On Debt Ceiling If Needed - Businessweek
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