The debt ceiling, created under the Second Liberty Bond Act of 1917, sets the maximum amount of money that the United States can borrow. 14th Amendment option on the debt ceiling would need to overcome DOJ concerns.The Due Process Clause provides that no states shall deprive any "person" of "life, liberty or property" without due process of law. The Second Liberty Bond Act of 1917 included an aggregate limit on federal debt as well as limits on specific debt issues. Through the 1920s and. We must look to see if the interest is within the Fourteenth Amendment's protection of liberty and property. 36 In essence, the debate between Chase and. Iredell continues to this day, especially in the context of eminent domain. Ing to limit these state excesses in the antebellum period. The filer did not fill out the information on the form.