The Constitution does not limit the amount of debt that the United States may incur. Congress borrows money by issuing bonds and Treasury certificates. At different points in our nation's history (for instance, now), shy high deficit spending has resulted in public support for a constitutional amendment that require a balanced budget. These two articles (one by Rich Lowry and one by Daniel Indiviglio) take countering points of view. Lowry is a very smart and conservative guy, but too often takes the overly pragmatic path. The Constitution, with its enumerated powers, consent of the governed principle and checks and balances was intended by the Founding Fathers to be a restraint on the potential power of the Federal government. The Founding Fathers considered and were concerned about the possibility that an uninformed electorate could cede some of that power back to the governing class. That is exactly the situation we are in now and in order to back away from the abyss, I think it may be time for some more Constitutional restraints. The Balanced Budget Amendment is one whose time has come. Indiviglio presents a good case.
