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The phrase "under the current debt" is correct and usable in written English.
It can be used when discussing financial obligations or liabilities that are presently in effect. Example: "The company is struggling to meet its obligations under the current debt, which has significantly increased its financial burden."
Exact(2)
An arm of the Heritage Foundation sent out a letter Tuesday saying the government should live under the current debt ceiling rather than pass the Boehner plan, ignoring the need to raise the ceiling to pay for bills already incurred.
Does it mean authorized under the current debt limit statute?
Similar(58)
The current debt is clearly manageable.
The current debt problem is of an entirely different scale.
The current debt crisis is both similar and very different.
Ms. Slaatten placed the current debt at $2 million.
The current debt would be around $68 trillion, not $10 trillion.
The current debt limit of $16.699 trillion was reached in May.
Pay off the current debt as soon as you can.
Under the current deal, Greece's debt burden would be reduced to 122 percent of gross domestic product by 2015 — still leaving Greece with the highest debt load in Europe.
The crisis will reach a head in the coming days when the ECB decides whether or not to advance Greek banks the next round of cash under the current austerity for debt restructuring deal.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com