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Zenger
Zenger
Business
Shanthi Rexaline

Larry Summers Warns About The Use Of The 14th Amendment For Government To Pay Its Bills

Larry Summers Joe Biden Kevin McCarthy Barack Obama Michelle Obama Inflation
Former Treasury Secretary Larry Summers attends the official White House portrait unveiling ceremony for President Barack Obama and former First Lady Michelle Obama in the East Room of the White House on Wednesday, September 7, 2022. Summers warned about the use of the 14th Amendment for the government to pay its bills. TOM WILLIAMS/BENZINGA

A former Obama administration official predicted that the passing of the $1.9 trillion coronavirus stimulus package had a 33% of accelerating inflation in the next several years.

The debt ceiling stalemate continues as Republican lawmakers walked off the discussion table on Friday only to join back in the evening. President Joe Biden and Treasury Secretary Janet Yellen have warned of serious consequences if a debt deal is not reached.

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