The Power to Borrow
The Congress holds the power to borrow money on the credit of the United States. They have no limit on the amount that they may borrow. Congress has placed a statutory ceiling on the public debt which is the total amount that the government has borrowed and not yet repaid. However, Congress may adjust the ceiling whenever it needs to borrow beyond the limit. The Federal Government frequently takes part in deficit spending when they spend more than they take in each year, but then borrow to make up the difference.
|