Since 1917, Congress has asserted its constitutional authority to dictate just how America will finance its debt by statutorily limiting how much debt the Treasury Department can issue.
In theory, the debt ceiling is there to ensure that public debt is not recklessly piled up without Congress periodically acknowledging it and addressing out-of-control spending patterns. That sounds like the perfect opportunity for conservative Republicans to put the brakes on an ever-expanding federal government, but in practice, after numerous efforts in the era of Barack Obama, the debt limit fights have been unable to keep America’s outstanding debt from surpassing the once unimaginable $17.3 trillion mark this week.
Read more at Breitbart here.
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