Congress and the Politics of Statutory Debt Limitation

Abstract

tatutory debt limits enacted by Congress have not only failed to curtail the government's growing tide of red Li ink, but, ironically, they have become a favorite vehicle for expanding federal programs and expenditures. Nonetheless, debt limitation legislation has long been a congressional ritual. Even in the face of the obvious political difficulties associated with sanctioning trillions of dollars of debt, members of Congress cling to the tradition. Perhaps because enacting statutory limits on federal borrowing is perceived as a hollow exercise, it has attracted little scholarly attention. Yet since 1917, statutory debt limits have played a role in federal borrowing, congressional oversight, and the legislative process. In this article, we examine the politics and policy consequences of statutory debt limitation and explore the complex member goals that help explain why Congress has doggedly maintained the practice.