Sen. Mike Lee, R-Utah, claimed that failing to raise the debt ceiling would not automatically lead to the U.S. defaulting on its obligations — at least not in the short term.
But it would require the government to “prioritize” its debt payments, he said, during a conference call hosted by the conservative Federalist Society.
Lee said the 14th amendment to the Constitution prevents the U.S. from going to default. He pointed to Section 4, which states: “The validity of the public debt of the United States … shall not be questioned.”
He suggested that Congress should pass legislation to clarify that, in the event of a debt limit-induced revenue shortfall, the president be required to pay for the interest on the debt first before funding anything else.
The legislation “could lay out additional prioritization beyond that,” he added. “I think that is something we should do right away.”
