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Debt Ceiling

Public debt is a fact of life. In 1790, Alexander Hamilton wrote, “The United States debt, foreign and domestic, was the price of liberty” (First Report on the Public Debt). In 1917, the Second Liberty Bond Act included an aggregate limit on federal debt, and in 1939, a general limit was placed on federal debt.

It only began to be a controversial issue in the twenty-first century – even though it has been changed 14 times since 2001. It has recently been increasingly used for political leverage. And, in fact, p