The debt ceiling, created under the Second Liberty Bond Act of 1917, sets the maximum amount of money that the United States can borrow. INTRODUCTION. N the summer of 2011, an intransigent Republican Congress refused to raise the statutory debt ceiling without budget cuts from President.Section Five of the Fourteenth Amendment vests Congress with the authority to adopt "appropriate" legislation to enforce the other parts of the Amendment. The Fourteenth Amendment (Amendment XIV) to the United States Constitution was adopted on July 9, 1868, as one of the Reconstruction Amendments. 3 The President shall have Power to fill up all. 3 The President shall have Power to fill up all. The 14th Amendment became part of the Constitution after the Civil War. The 14th amendment says that any debt the United States has taken on must be honored. Q. How many amendments to the Constitution have been repealed? Property tax exemption for; certain veterans and their surviving spouses and; surviving spouses of soldiers killed in action who died in the line of duty.