The Fifth Amendment, however, applies only against the federal government. Western Asset: Despite all the political rhetoric around the debt ceiling, we believe US default is a very unlikely outcome.Here's our rationale. This clause suggests that any default on national debt would be deemed unconstitutional. 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. Written in 1787, ratified in 1788, and in operation since 1789, the United States Constitution is the world's longest surviving written charter of government. More than 200 years ago, our Founding. Fathers set out to establish a government based on individual rights and the rule of law. The. This guide was written to help U.S. House and Senate candidates comply with the Federal Election Campaign. Act and FEC regulations.