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Tag: debt ceiling

Patriotic posters and the debt ceiling

As the calendar turns to August and the summer heat sets in, no topic is hotter than the debt ceiling.

Congress has voted to increase the debt limit more than 100 times since it was first established. How did this get started? Part of the answer is in these nearly century-old posters.

To raise money for the costs of World War I, the Federal Government began issuing war bonds. When the first round was not as successful as hoped, artists were commissioned to make more compelling posters, and famous actors encouraged citizens to buy them. Purchasing war bonds came to be seen as a patriotic duty, and several more sets were issued during the war.

With the passage of the Second Liberty Bond Act in 1917, the Department of the Treasury began issuing long-term bonds in order to minimize the government’s interest costs. As a means of managing these new obligations, the legislation enacted a statutory limit on federal debt.

Legislation passed over the next two decades created similar limits for other types of government-issued debt, including the bills and the notes issued by the Treasury.

By 1939, Congress eliminated these separate limits and established one aggregate debt limit. The nation’s cumulative debt at the time was $40.4 billion, approximately 10% below the $45 billion limit.

The federal debt did not begin to rise exponentially until … [ Read all ]

Pennsylvania Avenue Hotline

Today’s guest post comes from David Coleman,  associate professor at the University of Virginia and Chair of the Presidential Recordings Program at the Miller Center of Public Affairs.

On April 28, W.W. Norton will publish volumes 7 and 8 in the Miller Center’s Presidential Recordings of Lyndon B. Johnson series. (The original tapes are in the holdings of the LBJ Presidential Library and Museum.) The volumes, which span June through July 4, 1964, were edited by Guian McKee, Kent Germany, and David Carter.

At 7 p.m. on Thursday, April 28, the National Archives will host Dave Coleman, the editors, and Pulitzer Prize–winning author Taylor Branch to discuss these latest books.

“That’s a good bill, and there’s no reason why you ought to keep a majority from beating it. If you can beat it, go on and beat it, but you oughtn’t to hold it up. You ought to give me a fair shake and give me a chance to vote on it.”
—LBJ to House Minority Leader Charles Halleck, 6:24 p.m., June 22, 1964

 

Behind-the-scenes discussions between the White House and Capitol Hill can be an essential piece of the puzzle in understanding how and why legislation was passed, rejected, or changed, or even a government shutdown averted. But they’re typically obscured from public view.

It’s easy enough to imagine what might have been

[ Read all ]