On Friday, President Joe Biden indicated that he has not yet determined whether to invoke the 14th Amendment in order to stop the United States from defaulting on its financial commitments. This event could occur as early as June 1st if no action is taken. Biden's statement marks the first time he has hinted at considering this option.

During an interview with MSNBC, Biden mentioned that he is still evaluating the merits of invoking the 14th Amendment. The divided U.S. Congress is racing against time to raise the federal government's $31.4 trillion debt ceiling, while the Treasury Department has warned that the nation may struggle to pay its bills if no resolution is reached by June 1st.

If Congress remains inactive, some legal experts suggest that President Biden could turn to the 14th Amendment of the U.S. Constitution as a means to ensure that the country continues meeting its financial obligations. Section Four of this amendment, which was established following the Civil War, asserts that the public debt of the United States should not be challenged. However, resorting to this amendment could trigger lengthy legal battles and potentially impact financial markets.

Although White House and administration officials have considered this option, many regard it as an emergency solution that may not withstand judicial scrutiny, according to a source familiar with these discussions.

In the coming week, President Biden, along with leading Republican and Democratic members of Congress, will attempt to resolve the ongoing impasse over the federal debt ceiling and prevent a detrimental default before the end of the month. Both parties have distinct positions: Biden calls for lawmakers to raise the government's self-imposed borrowing limit without imposing conditions, whereas Republican House Speaker Kevin McCarthy demands spending cuts to tackle the nation's growing budget deficit before any agreement is approved.