How the Constitution Constrained Federal Spending and Debt

Source: Future of Freedom Foundation
by Jacob G Hornberger

“Given that the debt-ceiling debate is likely to continue for a few months, examining the Constitution provides us with the reasons our nation has been plunged into this monetary morass. Federal officials have now run up the federal government’s debt to more than $31.5 trillion. That’s a lot of money. And it’s also a lot of interest payments. Too much debt is not a good thing, either for a family or a government. Even the big-spending members of Congress acknowledge this. …Nonetheless, there is nothing unconstitutional about the large amount of the federal debt. That’s because the Constitution expressly delegates the power to borrow money to the federal government. However, the Constitution did provide one great big obstacle to the federal government’s incurring of too much debt. The Constitution made gold coins and silver coins the nation’s official money.” (01/24/23)