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Wednesday, December 05, 2012

The First Debt Ceiling

The Second Liberty Bond Act, approved 24 September, 1917:

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Secretary of the Treasury, with the approval of the President, is hereby authorized to borrow, from time to time, on the credit of the United States for the purposes of this Act, and to meet expenditures authorized for the national security and defense and other public purposes authorized by law, not exceeding in the aggregate $20,000,000,000...

You know, in case folks were wondering...

ntodd

December 5, 2012 in Constitution, Schmonstitution | Permalink

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