Question

What is the history of the debt ceiling?

Answer 1

Please help me!!!

Answer 2

@Destinymasha

Answer 3

http://en.wikipedia.org/wiki/History_of_United_States_debt_ceiling

Answer 4

Prior to 1917, the United States had no Debt Ceiling. Congress either authorized specific loans or allowed Treasury to issue certain debt instruments and individual debt issues for specific purposes. Sometimes Congress gave Treasury discretion over what type of debt instrument would be issued.[3]
Between 1788 and 1917 the amount of each bond issue by the United States Treasury had to be separately authorized by Congress by passing a legislative act that approved the bond issue. Congress limited the amount of debt by virtue of its authority to approve or disapprove individual bonds.
In 1917 (and during World War I) the Debt Ceiling Law was passed, which allowed the executive branch to issue bonds and take on other debt without Congressional approval, as long as the total debt fell under the statutory debt ceiling. The United States first instituted a statutory debt limit with the Second Liberty Bond Act of 1917. This legislation set limits on the aggregate amount of debt that could be accumulated through individual categories of debt (such as bonds and bills).
In 1939, Congress instituted the first limit on total accumulated debt over all kinds of instruments.[4] The debt ceiling, in which an aggregate limit is applied to nearly all federal debt, was substantially established by Public Debt Acts[5][6] passed in 1939 and 1941 and subsequently amended. The United States Public Debt Act of 1939 eliminated separate limits on different types of debt.[7] The Public Debt Act of 1941 raised the aggregate debt limit on all obligations to $65 billion, and consolidated nearly all federal borrowing under the U.S. Treasury and eliminated the tax-exemption of interest and profit on government debt.[7]
Subsequent Public Debt Acts amended the aggregate debt limit: the 1942, 1943, 1944, and 1945 acts raised the limit to $125 billion, $210 billion, $260 billion, and $300 billion respectively.[7] In 1946, the Public Debt Act was amended to reduce the debt limit to $275 billion.[7] The limit stayed unchanged until 1954, the Korean War being financed through taxation.[8]
A feature of the Public Debt Acts, unlike the 1919 Victory Liberty Bond Act which financed American costs in the First World War, was that the new ceiling was set about 10% above the actual federal debt at the time.[8]

Answer 5

Thank you very much!!!:)