The Debt Limit is A Rational Check on Presidential Power

he Debt Limit on the Federal Government was placed into law in 1917 as a check on presidential power, and independent fed and past congressional commitments.  Raised some 84 or more times since then, changes to the Debt Limit often involved negotiations between the Congress and the President.  Given the myriad of budget authority tools used by Congress and ever more superficial legislation empowering the executive to make contingent liability decisions, the Debt Limit is a final check on long term commitments that pass the majority of one congressional session, but not the majority of long term national interest.  With the executive’s ability to issue treasury notes with varying interest rates and duration, void of sufficient congressional control, it is possible to lock in serious liabilities which form a contingent risk to future budgets.  The Federal Reserve adds to our capital risk with its independent actions, directly impacting the credit worthiness of the United States.

http://www.4yourcountry.org/2013/09/the-debt-limit-is-a-rational-check-on-presidential-power.html