At Harvard Law School, my classmates and I learned the first rule of statutory or constitutional construction is to look at the plain language of the relevant statute or section of the Constitution.

To circumvent the debt ceiling statute, some Democrats argue President Joe Biden , under the authority of the 14th Amendment , has the power to ignore the debt ceiling . They say he can simply order the U.S. Treasury to issue new debt to pay the bills the nation is obligated to pay.

Section 4 of the 14th Amendment in part says: "The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned." The plain language of Section 4 says that "the validity of the public debt … shall not be questioned." But no member of Congress is challenging the "validity" of the public debt. Current debt is valid. Congress has enacted legislation authorizing the debt.

What is at issue is when and how the valid debts will be paid. All members of Congress agree national debts must be paid. No member of Congress is asserting that the U.S. should become a financial deadbeat. As the validity of the public debt is not at issue, the 14th Amendment is completely inapplicable to the current debt ceiling impasse. The 14th Amendment argument is absurd on its face.

The Constitution is clear beyond all doubt that new debt to finance the obligations of the federal government must be passed by Congress, according to the provisions of Article I, Section 9, Clause 7 of the Constitution. That clause states: "No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law." The plain language says no money can be drawn by the Treasury without appropriations made by law. Only Congress can appropriate money. The president cannot appropriate money. Executive agencies cannot appropriate money. To do otherwise is to violate the Constitution.

It is clear that progressives want to create an imperial president and shred the Constitution that binds the country. If progressives were right, then the president would have the power to tax and spend according to their whim. But they are wrong. Progressives propose to defile the Constitution. In turn, if the issue of the 14th Amendment were to be taken under consideration by the Supreme Court, the court would either say "no" to this expansion of executive branch power. More likely, the court would rule the debt ceiling matter is a "political question" that only Congress and the president can answer.

Yet there's a more practical concern here.

Were Biden to invoke the 14th Amendment and order the Treasury to issue new debt, the markets would question the validity of the debt so issued. Financial chaos would follow. The Treasury market would melt down, and other financial markets would follow. U.S. Treasurys are the bedrock of the global financial system. To pursue their far left goals, progressives are willing to destroy the Constitution and risk a deep worldwide depression.

James Rogan is a former U.S. foreign service officer who later worked in finance and law for 30 years. He writes  a daily note  on finance and the economy, politics, sociology, and criminal justice.