My understanding is:
The 14th amendment says that any debt the United States has taken on must be honored.
Previous legislation by Congress prohibits the government from borrowing more than a certain amount of money.
So far so good. I could probably understand the argument that the US government has the constitutional authority & duty to print any money needed to service the current debt. But I don't understand how the 14th amendment could possibly allow an increase of the debt ceiling as some are claiming.
How could the obligation to service existing debt (by printing money, presumably) possibly confer the authority to take on new debt? What is the legal reasoning that would reach this conclusion from that premise?