Prof. Stacy, The Money Teacher

The U.S. Hit The Debt Ceiling - What Does That Even Mean? | Prof. Stacy, The Money Teacher

The U.S. Hit The Debt Ceiling – What Does That Even Mean?

Let’s start at the beginning… What is the debt ceiling? In 1917, Congress passed the Second Liberty Bond Act, which allowed the U.S. Treasury to issue debt without Congress needing to approve each item of debt as long as the U.S. Treasury stayed below the aggregate amount of debt that Congress approved. That approved amount …

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