Desperate times: Some high-ranking Democrats say President Obama should invoke the 14th Amendment and raise the debt ceiling on his own. James Clyburn, the third-ranking House Democrat, made the pitch to the Democratic Caucus this morning, reports the Hill. By doing so, Obama would bring "needed stability to our financial markets," said Clyburn. Members responded with applause, said caucus chair Rep. John Larson.
Obama hasn't ruled out the unprecedented option, but he has sounded iffy about it being a "winning argument." Says Larson on that front: "Circumstances could change [and] we just want to let him know that this caucus is prepared to stand behind him." Bill Clinton already has endorsed the idea. And Eugene Robinson argues in the Washington Post today that Obama may have no other choice. (Read more 14th Amendment stories.)