Is there a "Debt Ceiling" in the Constitution, or a law passed since?

[Rosco T.]

If not, PBO should just ignore that hooha when it comes up.

[PoliticAverse]

1. It's a law...

31 USC § 3101 - Public debt limit

http://www.law.cornell.edu/uscode/text/31/3101

[enlightenment]

2. US Code.

http://www.law.cornell.edu/uscode/text/31/3101

There is an argument that the 14th Amendment allows the President to ignore this law - apparently Pres. Obama does not agree with this position.
http://blog.constitutioncenter.org/2013/09/reviewing-the-14th-amendment-debt-ceiling-argument/

[Igel]

3. Sort of.

Article 1, section 8, says that Congress has the authority to borrow money. Rather than issue specific bills to borrow fixed sums, the Congress has for decades authorized spending up to a certain limit. That's called the "debt ceiling"; others point out the statues for that.

The Constitutional authority's not given to anybody else, so nobody else has the authority.

The 14th Amendment was to cover calling into question debt that was already issued. This is different, presumably, from things like "current accounts" and charge accounts. One could argue that the debt limit provides a limit to what, exactly, the different agencies are allowed to obligate the US government for.

Many claim that by simply authorizing an expense that entails the authorization to borrow money. That's never been the interpretation.

[madinmaryland]

4. The President could challenge the constitutionality of the Law. It would go to the SCOTUS.

It might get rid of it forever.

[lastlib]

5. Or not, given the current collection of idiots on the SC......

Scalia, Thomas, Alito wouldn't bat an eye at ruling against the administration, and I have only a few doubts that Roberts & Kennedy would, either. It wouldn't play well for the administration.

[former9thward]

6. The debt ceiling law was first passed in 1917.

Congress passed it when they issued bonds for WW I. It has been around along time.