Yes, the debt ceiling is constitutional

The Public Debt Clause theory doesn’t work because the text of the clause gives no hint of a presidential authority—”Congress shall have power to enforce” it, not the president. Using Congress’s section 5 enforcement power to take Congress’s Article 1 borrowing power would be an ambitious double heist. Second, as my paper recounts at length, legislative limits on executive borrowing were common in the 19th century and never thought to create any conflict with the Clause until very recently. (It is only in the past couple of decades—as partisan polarization...