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.Does the president have authority to borrow beyond the statutory debt limit? Does the president have authority to borrow beyond the statutory debt limit? 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. Strickland, Note, The Public Debt Clause Debate: Who Controls this Lost Section of the. 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. NR's A Martinez speaks with Democratic Sen. The debt ceiling is a limit that Congress imposes on the amount that the federal government can owe.