That vote does not pledge any additional spending. The president says he is willing to discuss possible deficit savings, but without the threat of the federal government being unable to pay its bills.The treasury secretary warned of possible "calamity" unless Congress acts. The amendment is renowned for its contribution to civil liberties, but its impacts extend beyond just civil rights. The treasury secretary warned of possible "calamity" unless Congress acts. A clause in the 14th Amendment is being cautiously considered as a possible emergency fix as the US economy hurtles toward the looming threat of default. The California Debt and Investment Advisory Commission (CDIAC) provides information, education, and technical assistance on debt issuance and public. Speaker Kevin McCarthy (RCA) is threatening to force the United States to default on its debts unless President Joe Biden agrees to draconian spending cuts. With negotiations over the debt ceiling stalling, some lawmakers are pushing President Biden to invoke the 14th Amendment. The Fourteenth Amendment addresses many aspects of citizenship and the rights of citizens.