That constraint would ensure that the national debt does not rise as a share of national income unless an extraordinary majority in Congress deems that it should.

FORBES: In Passing The Most Recent Budget, Congress And The President Lied

If Congress imposes a hard budget constraint on itself by refusing to raise the debt ceiling and establishes Social Security and interest on the debt as priority must-pays out of revenues before any other programs may be funded, it would require total other, non-priority spending to be reduced not quite one-third on average during the next ten years.

FORBES: Enough Is Enough On Raising The Federal Debt Limit

The upcoming debate on the debt limit offers the perfect opportunity for Congress to stop playacting and put a real budget constraint into effect.

FORBES: In Passing The Most Recent Budget, Congress And The President Lied

This has, in effect, lifted any constraint on credit growth, allowing a bigger build-up of private-sector debt.

ECONOMIST: World economy

Under this hard budget constraint, the rest of the government would have to live on whatever revenues are left over after debt service and Social Security benefits are paid unless Congress is willing to vote for more new borrowing, by super-majority vote if it wants to increase the debt more than the economy is growing.

FORBES: In Passing The Most Recent Budget, Congress And The President Lied