But doesn’t the power to borrow in Article I necessarily include the power not to borrow? Sure, Congress does not have to borrow — and can stop Treasury from doing so. But if Congress authorizes the expenditures, Article I has only one other way out: raising taxes…

In Article I, the power to borrow merely complements the power to tax, as a way to pay for the expenses Congress has authorized.

And let’s not forget the Fifth Amendment. Default would essentially be a taking of property — the bondholders’ — without due process of law. No Treasury bond reads “subject to the debt ceiling.” The Fifth Amendment is supposed to be the darling of the Federalist Society. Where is it on this one?