This is the implicit agreement between our legislative and executive branches when a budget is passed and signed. It's also the explicit agreement between our government and its creditors, both internal and external, when they buy various notes, bills, bonds, and various other government-backed debt instruments.
The only reason that we have a "debt limit" is to create an artificial emergency every time it needs to be raised. Even worse, it's an artificial emergency that can only be caused by or fixed by the legislative branch even though it often looks like it's caused by executive branch overspending when the truth is that the executive branch is required to spend the money that the legislature sets out on the programs that they say to spend it on.
In the end, it would be better if, like every other advanced economy on the planet, the creation of a budget and taxation schedule were considered to be implied permission for the executive branch to borrow to meet any gap between the two. If you don't want the government borrowing money, make sure that protected income is greater than projected expenses.