The amendment reads, in part, that “the validity of the public debt of the United States, authorized by law ... shall not be questioned.”

Schumer took a long view of the deficit debate, leaving open the possibility of needing a 14th Amendment solution in the future.

"It's something that should be explored for later debt-ceiling raises that we will have to do down the road," he said, speaking to MSNBC's Andrea Mitchell.

"It is premature to use it for this round of raising the debt ceiling," he said. "God forbid the courts would throw it out if the president went ahead and did it."

According to White House press secretary Jay Carney on Tuesday, the White House lawyers have no plans to look into the legality of using the 14th Amendment as grounds to extend the Treasury's borrowing authority.

On Wednesday, the president answered a question about the 14th Amendment by saying he didn't want to get into the constitutionality of the idea.