The Debt Ceiling Can Force Budgetary Discipline Opinion
The debt ceiling is the statutory limit of the total debt that the federal government is allowed to accumulate and maintain at any given time. And so it sets a statutory ceiling, essentially, on the total amount that the federal government is able to borrow. Historically, up until around 100 years ago or so, every time Congress did a spending bill, they would also authorize a new level of debt if the government was operating in deficit at that time....