A reference to the constitutional power Congress has over legislation to raise revenue and appropriate funds from the Treasury.
The Constitution states that Congress “shall have Power To lay and collect Taxes, Duties, Imposts and Excises, [and] to pay the Debts. . .” and that “No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law. . . .”
The Constitution does not state how these legislative powers are to be exercised, nor does it expressly provide for the President to have a role in the management of the nation’s finances.
SOURCES: House Rules Committee; Congressional Research Service
National Debt Glossary
Looks up the key terms for understanding America's financial crisis
Frequently Asked Questions: National Debt
- How did the national debt get to be so big?
- What's the difference between the debt and the deficit?
- Why can't the government just print more money to get out of debt?
- How much U.S. debt is owned by foreign countries?