But according to Congresso em Foco, a watchdog and magazine, a third of ministers and nearly 4, 000 other federal employees breach the pay ceiling.

ECONOMIST: How the bureaucrats rob the taxpayers

The politicians in Washington currently wrangling over the debt ceiling should pay heed to this (financially) grisly message from Merry Old England.

FORBES: The U.K's Tax Hike Austerity Warning For The U.S.

Without a ceiling, pay plans typically allow senior officers to receive up to twice as many shares, even when there is a negative shareholder return.

WSJ: A Tougher Stand on CEOs With Bad Returns