Republican Doomsday Plan: Cave on Taxes, Vote ‘Present’

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42. You won't succeed challenging the constitutionally of the debt authorized by law, only

that debt that has not been authorized by law. The current law limits the authorized debt to those limits passed by both houses of Congress and signed by the President.

There is a proposal that would allow the President to raise the debt limit without Congressional action; however, that hasn't been passed. That proposal might be Constitutional, or the USSC could rule that it's not a permissible delegation of legislative power since Article I, Section makes borrowing money "on the Credit of the United States" a power specifically delegated to Congress.