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

ConclusionMichael W. McConnell53When most people think of the Constitution, they think of itsinspiring guarantees of individual rights and its establishment ofa framework for republican government based on democratic voting,federalism, and separation of powers. But the framers of theConstitution were no less concerned with establishing a workable fiscalregime, based on legislative control of taxing, spending, and borrowing.The recent debt ceiling stand-off rattled bond markets, butit was nothing new. The more fundamental problem we face is notthe debt ceiling, but the sheer immensity of the annual deficit. Thereis no magic wand that will bring this under control. It will requireCongress and the executive to work together with greater prudenceand greater attention to the long-run public good.