The Debt Ceiling
The debt ceiling is a statutory limit on the amount of debt that the United States government can incur. The concept of a debt ceiling dates back to the early 20th century, but the current legal framework for the debt ceiling was established in 1917, as part of the Second Liberty Bond Act. The debt ceiling has been raised numerous times throughout the history of the United States. In the early years of the country, the debt ceiling was raised relatively infrequently and with little controversy. However, in recent decades, the debt ceiling has become a contentious political issue, with frequent debates and negotiations over whether to raise the debt ceiling and by how much. The first major debate over the debt ceiling took place in the 1930s, during the Great Depression. At the time, the country was facing a large budget deficit and a high level of debt, and there was significant debate over whether to raise the debt ceiling in order to finance government spending. In the decades...