Public Debt Acts

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In the United States, Public Debt Acts are Acts of Congress which set the debt ceiling on the National debt of the United States.

United States[edit]

The United States Public Debt Act of 1939 eliminated separate limits on different types of debt.[1]

The Public Debt Act of 1941 raised the aggregate debt limit on all obligations to $65 billion, and consolidated nearly all federal borrowing under the U.S. Treasury and eliminated the tax-exemption of interest and profit on government debt.[2]

Subsequent Public Debt Acts amended the aggregate debt limit: the 1942, 1943, 1944, and 1945 acts raised the limit to $125 billion, $210 billion, $260 billion, and $300 billion respectively.[1]

In 1946, the Public Debt Act was amended to reduce the debt limit to $275 billion.[1] The limit stayed unchanged until 1954, the Korean War being financed through taxation.[3]

References[edit]

  1. ^ a b c McCaffery, Edward J. "Major Acts of Congress: Public Debt Acts". E-Notes.
  2. ^ USLegal
  3. ^ CRS Report for Congress

External links[edit]