As Bernie Sanders, Elizabeth Warrenand other Democrats urged the President Joe Biden use the 14th Amendment to avoid a catastrophic default, The US Chamber of Commerce resisted vigorously.

What happened: The Chamber, a pro-business trade group known for supporting Republicans, in a letter to Team Biden warned Friday of economic, financial and legal turmoil if Washington attempts to invoke the 14th amendment amid the debt ceiling crisis. reported CNN.

See also: While the “right people” settle the debt ceiling debate, where is McCarthy? Not in the room

Neil Bradleythe chief policy officer of the US Chamber of Commerce and former senior adviser to the Speaker of the House of Representatives Kevin McCarthy said in a letter: “The Chamber believes that attempting to invoke so-called ‘powers’ under the 14th Amendment would be as economically disastrous as a default by not raising the debt limit in a timely manner.”

The head of the chamber said the 14th Amendment would cause US Treasury yields to rise, further increasing the cost of borrowing for families and businesses. “The legal uncertainty associated with this debt, combined with increased interest costs, would impose significant and long-term costs on the economy akin to default.”

See also: Peter Schiff says raising the debt ceiling won’t preserve America’s prosperity, but it will

“Put simply, there is no alternative to a bipartisan agreement to raise the statutory debt limit.”

Why it matters: Many experts have warned that invoking the 14th Amendment could create a constitutional crisis in the country. Minister of Finance Janet Yellen has also expressed Skepticism about the feasibility of this idea.

The US markets also reacted negatively on Friday, amid news that the debt ceiling negotiations between Biden and Republicans in the House of Representatives have stalled.

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