Posted on Jun 1, 2023
The first debt ceiling fight was in 1953. It looked almost exactly like the one today
137
5
2
2
2
0
https://www.npr.org/2023/06/01/ [login to see] /debt-ceiling-limit-default-eisenhower-biden-maccarthy
The year was 1953: World War II was over; the economy was thriving; Peter Pan was enchanting moviegoers; the song Vaya Con Dios was topping the charts – and the very first debt ceiling fight was brewing in Congress.
And that very first battle looked ... remarkably similar to the one happening right now, which could resolve itself in the next several days if the Senate follows the House in approving a debt deal negotiated between President Biden and House Speaker Kevin McCarthy.
The year was 1953: World War II was over; the economy was thriving; Peter Pan was enchanting moviegoers; the song Vaya Con Dios was topping the charts – and the very first debt ceiling fight was brewing in Congress.
And that very first battle looked ... remarkably similar to the one happening right now, which could resolve itself in the next several days if the Senate follows the House in approving a debt deal negotiated between President Biden and House Speaker Kevin McCarthy.
The first debt ceiling fight was in 1953. It looked almost exactly like the one today
Posted from npr.orgPosted in these groups: 
American History
Economics
American History Economics
Posted 1 y ago
Responses: 2
1
1
0
Even back then our federal legislatures want to cut the "other parties" spending but not their own,
(1)
(0)
0
0
0
PO1 William "Chip" Nagel
..."The debt ceiling has been in place since 1939 (parts of it date back before that). It was originally meant to expedite business in Congress, which used to have to separately approve every bit of debt used to fund most every government project.
"That worked pretty well when the government was smaller," says Joseph Thorndike, historian and the director of the Tax History Project at Tax Analysts."...
..."The debt ceiling has been in place since 1939 (parts of it date back before that). It was originally meant to expedite business in Congress, which used to have to separately approve every bit of debt used to fund most every government project.
"That worked pretty well when the government was smaller," says Joseph Thorndike, historian and the director of the Tax History Project at Tax Analysts."...
(0)
(0)
Read This Next
Continue with Facebook 
Continue with Google