Public Debt Acts

From Wikipedia, the free encyclopedia
Jump to: navigation, search

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]


External links[edit]