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Understanding the Public Debt

In: The Public Debt Problem

Author

Listed:
  • Pierre Lemieux

Abstract

Until August 3, 2011, the federal debt ceiling was set at $14.3 trillion, meaning that the federal government was not legally allowed to increase its debt above that amount. On that day, Congress increased it to $15.2 trillion. Otherwise, an imminent shutdown of nonessential government operations and payments was looming, if not a default on the Treasury securities (bonds issued by the federal government) that were soon becoming due. It was not the first time that Congress had jacked up the debt ceiling: since the ceiling was established in 1917, it has been increased more than 100 times.

Suggested Citation

  • Pierre Lemieux, 2013. "Understanding the Public Debt," Palgrave Macmillan Books, in: The Public Debt Problem, chapter 0, pages 9-28, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-31302-7_2
    DOI: 10.1057/9781137313027_2
    as

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