The Mudcat Café TM
Thread #148981   Message #3464921
Posted By: GUEST,Rev Bayes
12-Jan-13 - 06:46 AM
Thread Name: BS: debt limit. can nybody explain why
Subject: RE: BS: debt limit. can nybody explain why
To actually answer the OP's question, the reason is that until 1917, the US Congress approved debt issues case by case. Under pressure of work, they dropped this in 1917 in favour of a blanket authority to raise debt up to a certain limit.

It has been retained ever since as a useful bargaining chip by whoever was in opposition. And yes, it's high time it was abolished.