Tory backbencher Sajid Javid has called for a cap on the size of the UK's national debt.
Proposing a ten minute rule bill on 12 July 2011, Mr Javid, a former international bond trader, suggested the debt should be capped at around 40% of GDP in future.
Under his plan, the Treasury would set the cap and it could only be raised by Parliament.
"A debt cap is no guarantee against fiscal irresponsibility, but it will certainly make it harder for politicians to rely on their favourite ruse of buy now, pay later," the MP for Bromsgrove said.
Mr Javid's National Debt Cap Bill was given a first reading without a vote, but Labour's John Mann argued against it, warning it would leave a government "hamstrung" in the event of an emergency.
He described Mr Javid, elected last year, as being one of a generation of Tory MPs that "fundamentally hates the concept of the public sector and of government".