US Government Debt Different - Finance Department - University of ...

Michael W. McConnell 455Origins of the Fiscal ConstitutionMichael W. McConnellCongressional control over spending, taxing, and borrowing lies atthe heart of the constitutional structure of the United States. Politiciansand scholars who suggest that the President can solve a budgetcrisis unilaterally by raising the debt limit on his own authority 1mistake our Constitution for some other. Born of the long constitutionalstruggle in Britain between Parliament and the King overwho would control the purse strings, our Constitution clearly andunambiguously places the power over these matters in the hands ofthe representatives of the people – not the executive.It is revealing to compare the history of the relevant clauses in Britainand the United States.TaxationParliamentary control over taxation was the primordial authoritythat enabled the legislative branch to wrest power from the monarchover the course of centuries, and to become the supreme branch ofgovernment. Traditionally, the King had certain sources of revenue athis disposal, without need for parliamentary grant. These came fromcrown lands and certain ancient prerogative rights. But by the Seven-1 See, e.g., Eric Posner & Adrian Vermeule, Obama Should Raise the DebtCeiling On His Own, New York Times, July 22, 2012, http://www.nytimes.com/2011/07/22/opinion/22posner.html.