The Debt Ceiling Dates Back to Founding Fathers

Sunday, 06 October 2013 10:47  
By Kevin G Hall, McClatchy Newspapers | Report 

Washington - Wondering who to thank for the bizarre rules that allow Congress to approve spending, then later slam the door on new borrowing to pay the bills? Thank the Founding Fathers.

Article 1 of the U.S. Constitution grants Congress the exclusive powers to legislate and the power of the purse. In fact, Section 8 of the first article deals specifically with paying debts.