Because it's a very strange and harsh instrument to put a hard limit on the amount of debt. Why is taking on $X of debt okay, but $X+1 is illegal? In every oth

Because it's a very strange and harsh instrument to put a hard limit on the amount of debt. Why is taking on $X of debt okay, but $X+1 is illegal? In every other country, public debt is kept in control the same way everything else is: by the opposition parties raising hell when it gets out of control. For this to work, of course, you need to have more than two viable parties.