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. Does the president have authority to borrow beyond the statutory debt limit?Does the president have authority to borrow beyond the statutory debt limit? 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. Strickland, Note, The Public Debt Clause Debate: Who Controls this Lost Section of the. Some Senate Democrats are circulating a letter urging President Joe Biden to prepare to invoke the 14th Amendment to lift the debt ceiling. Servicemember Quality of Life Improvement and National Defense Authorization Act for Fiscal Year 2025. Hearing Information. , R.S., Ch. 1209 (S. Under the provisions of Title 1 of the Housing and Community Development Act of 1974.