But a statutory debt limit is a poor substitute for a constitutional balanced budget amendment.

FORBES: Republicans must mark their budget territory

In the last 20 years, the U.S. has permanently increased its statutory debt limit 14 times.

FORBES: What Entrepreneurs Can Teach World Leaders About Debt

From 1790 to 1916, when America was free of the welfare state, the U.S. borrowed, but neither chronically nor under a statutory debt limit.

FORBES: Debt-Ceiling Gimmickry Is Unbecoming A Rational Government

But to facilitate the extraordinary demands of war finance, Congress set a statutory debt limit up to which the Treasury could borrow as needed without further authorization.

FORBES: Republicans must mark their budget territory

That is when the statutory debt limit will be breached.

FORBES: Hey, Feds, Give Disaster A Chance To Avoid True Financial Apocalypse

Are they serious about enacting statutory PAYGO, attaching it to raising the debt limit?

WHITEHOUSE: Press Briefing

As US federal debt approaches its statutory ceiling, confidence on Capitol Hill is growing that a deal to raise the limit will soon be struck, avoiding the theoretical possibility of default.

FORBES: Connect