debt limitation
debt limitation. A ceiling placed on borrowing by an individual, business, or government. • The constitutions of many states prohibit the states from incurring debt in excess of a stated amount. Other state constitutions allow states to incur debt above a stated amount only through a vote of the people. — Also termed limitation on indebtedness. [Cases: States 115. C.J.S. States §§ 216, 218–222.]