The first near-default occurred in 1979 when Congress raised the debt limit in the nick of time to prevent such an outcome. (Two decades earlier, Congress had authorized the Treasury to take on debt without congressional approval.) In the decades that followed, Congress raised and lowered the limit as it saw fit, occasionally to try and force a president to decrease spending.
The first federal debt limit was set in 1939 to set a cap of the amount of money the Treasury Department could borrow. and Denmark are the only nations to have a debt limit – and ours began on the eve of World War II.
is permitted to borrow to make payments – lies with Congress, prompting Yellen to ask congressional leadership to either raise or suspend the debt limit. The authority to raise the debt limit – the amount of money the U.S. has never before defaulted on its debt, and Yellen predicted that the extraordinary measures could last until June. It’s implementing “extraordinary measures,” shifting money around among agencies and delaying investments to stave off the default date. The Treasury Department can handle it – for now. On Thursday, Treasury Secretary Janet Yellen made it official – the U.S. The debt ceiling fight everybody’s talking about The debt limit affects the entire economy and could jeopardize benefits and federal spending. With Congress off this week, I thought it might be a good time to preview a big topic lawmakers will be taking on this year – the debt limit.
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