WASHINGTON — Even as President Obama insists that he would be powerless to save the economy from catastrophe should Congress fail to raise the nation’s debt ceiling, some law professors say he does have options. They may be politically unattractive, unpalatable to the financial markets and subject to legal challenges, these experts say, but these choices are better than failing to live up to the nation’s financial commitments.

The view that Mr. Obama could continue borrowing without Congressional authorization is based on three arguments.

One is grounded in an aggressive understanding of presidential power, the second in an interpretation of an obscure provision of the 14th Amendment and the third on a choice among three irreconcilable constitutional obligations.

A senior administration official was dismissive of all three options, calling them “unicorn theories,” reflecting the White House’s position that only Congress can solve a problem of its own creation.