I am pleased to see libertarian Ken Santema and President Barack Obama agreeing that the 14th Amendment does not authorize the President to unilaterally increase the federal debt ceiling:

As I understand Section 4 of the Fourteenth Amendment it was designed to do two important things:

  1. It ensured the Federal Government had to pay its Civil War debt. This is the first sentence of Section 4.
  2. It ensured the Federal Government was not responsible for debt incurred by the Confederation.  This is the second sentence of Section 4.

I do take this to mean that the Federal Government cannot default on legally authorized debt. But I don’t see how this gives power to the President to change the debt ceiling [Ken Santema, "The Fourteenth Amendment – A Way for the President to Raise the Debt Ceiling?SoDakLiberty, 2013.01.05].

Says our President:

...this administration does not believe that the 14th Amendment gives the President the power to ignore the debt ceiling -- period [White House press secretary Jay Carney, White House press briefing, 2012.12.06].

...this administration does not believe that the 14th Amendment gives the President the power to ignore the debt ceiling [White House press secretary Jay Carney, White House press briefing, 2011.07.29].

Ah, bipartisanship. Instead of stretching the Constitution, let's just focus on practical policymaking.