2011 United States debt-ceiling crisis

1800:, Balkin argued that "the central rationale for Section Four ... was to remove threats of default on federal debts from partisan struggle." Balkin quotes Wade: "every man who has property in the public funds will feel safer when he sees that the national debt is withdrawn from the power of a Congress to repudiate it and placed under the guardianship of the Constitution than he would feel if it were left at loose ends and subject to the varying majorities which may arise in Congress." According to Balkin, this reveals "an important structural principle. The threat of defaulting on government obligations is a powerful weapon, especially in a complex, interconnected world economy. Devoted partisans can use it to disrupt government, to roil ordinary politics, to undermine policies they do not like, even to seek political revenge. Section Four was placed in the Constitution to remove this weapon from ordinary politics." 1891:, argued that "this is not some issue in the disputed boundaries between legislative and executive power." He continued, "That's why the Constitution itself (Article I, Section 8, Clause 2) gives only Congress, not the President, the power "To borrow Money on the credit of the United States." In another argument, Natelson stated that Bruce Bartlett "deftly omits a crucial part of the quote from the Fourteenth Amendment. It actually says, 'The validity of the public debt of the United States, AUTHORIZED BY LAW ... shall not be questioned.' In other words, Congress has to approve the debt for it not to be questioned. And note that this language refers to existing debt, not to creating new debt. He also neglects to mention that Section 5 of the Fourteenth Amendment specifically grants to Congress, not to the President, authority to enforce the amendment." 1705:, suggested two other ways to solve the debt ceiling crisis: he pointed out that the US Treasury has the power to issue platinum coins in any denomination, so it could solve the debt ceiling crisis by simply issuing two platinum coins in denominations of $ 1 trillion each, depositing them into its account in the Federal Reserve, and writing checks on the proceeds. Another way to solve the debt ceiling crisis, Balkin suggested, would be for the federal government to sell the Federal Reserve an option to purchase government property for $ 2 trillion. The Federal Reserve would then credit the proceeds to the government's checking account. Once Congress lifted the debt ceiling, the president could buy back the option for a dollar, or the option could simply expire in 90 days. 1077:). The debt limit does not restrict Congress's ability to enact spending and revenue legislation that affects the level of debt or otherwise constrains fiscal policy; it restricts Treasury's authority to borrow to finance the decisions already enacted by Congress and the President. Congress also usually votes on increasing the debt limit after fiscal policy decisions affecting federal borrowing have begun to take effect. In the absence of sufficient revenue, a failure to raise the debt ceiling would result in the administration being unable to fund all the spending which it is required to do by prior acts of Congress. At that point, the government must cancel or delay some spending, a situation sometimes referred to as a partial government shut down. 1533:

that there is "no guarantee that investors would continue to re-invest in new Treasury securities", forcing the government to repay the principal on existing debt as it matured, which it would be unable to do under any conceivable circumstance. He concluded: "There is no alternative to enactment of a timely increase in the debt limit." On January 25, 2011, Senator Toomey introduced The Full Faith And Credit Act bill that would require the Treasury to prioritize payments to service the national debt over other obligations. (The bill was cleared by its committee for consideration the next day and added to the Senate "calendar of business", but no further action had occurred by mid-August 2011.)

2490:, a Republican bill that immediately raised the debt ceiling by $ 900 billion and reduced spending by $ 917 billion, passed in the House on a vote of 218–210. No Democrats voted for it, and it also drew 'no' votes from 22 Republicans, who deemed it insufficiently tough on spending cuts. It allows the President to request a second increase in the debt ceiling of up to $ 1.6 trillion upon passage of the balanced-budget amendment and a separate $ 1.8 trillion deficit reduction package, to be written by a new "joint committee of Congress". Upon introduction into the Senate in the evening, the bill was immediately tabled on a 59–41 vote, including some Republican votes. 1957: 68: 930: 2075: 1550: 2152:

increase but the dollar would remain the key global reserve currency. The upside scenario, consistent with maintaining the new AA+ rating, included the expiration of the 2001 and 2003 tax cuts and only modest growth in government debt as a percentage of GDP over the coming decade. A week later, S&P senior director Joydeep Mukherji said that one factor was that numerous American politicians expressed skepticism about the serious consequences of a default—an attitude that he said was "not common" among countries with a AAA rating. At the end of 2012, the

410: 1342:(CBO): "At the end of 2008, that debt equaled 40 percent of the nation's annual economic output (a little above the 40-year average of 37 percent). Since then, the figure has shot upward: By the end of fiscal year 2011, the Congressional Budget Office (CBO) projects federal debt will reach roughly 70 percent of gross domestic product (GDP) — the highest percentage since shortly after World War II." The sharp rise in debt after 2008 stems largely from lower tax revenues and higher federal spending related to the severe 1838:, called the argument that the public debt clause can nullify the debt ceiling "false hope" and noted that nothing in the Constitution enabled the President to "usurp legislative power" with regards to the debt. Tribe said that since Congress has means other than borrowing to pay the federal debt (including raising taxes, coining money, and selling federal assets), the argument that the President could seize the power to borrow could be extended to give the President the ability to seize those powers as well. 1261:, which has set its debt ceiling so high that it is unlikely to be reached. If raising the limit ceases to be routine, this may create uncertainty for global markets each time a debt ceiling increase is debated. The 2011 debt-ceiling crisis has shown how a party in control of only one chamber of Congress (in this case, Republicans in control of the House of Representatives but not the Senate or the Presidency) can have significant influence if it chooses to block the routine raising of the debt limit. 63: 1859:'s duty to enact those appropriations." In other words, given Congress has appropriated money via federal programs, the Executive is obligated to enact and, therefore, fund them, but the debt ceiling's limit on debt prevents the executive from carrying out the instructions given by Congress, on the constitutional authority to set appropriations; essentially, to obey the statutory debt ceiling would require usurping congress' constitutional powers, and hence the statute must be unconstitutional. 1898:, General Counsel to the US Treasury, wrote that "Secretary Geithner has never argued that the 14th Amendment to the US Constitution allows the President to disregard the statutory debt limit" (but nor did Madison say that Geithner had argued against the proposition either), and that "the Constitution explicitly places the borrowing authority with Congress." He stated that "Secretary Geithner has always viewed the debt limit as a binding legal constraint that can only be raised by Congress." 1644:

largely believed a deficit reduction deal should be based solely on spending cuts, including cuts to entitlements, without any tax increases, to reduce or solve the long-term issue of debt. Obama and the Democrats in the US Congress wanted an increase in the debt ceiling to solve the short-term borrowing problem, and in exchange supported a decrease in the budget deficit, to be funded by a combination of spending cuts and revenue increases. Some prominent liberal economists, such as

924: 1496:, suggested even a brief failure to meet US obligations could have devastating long-term consequences, others argued that the market would write it off as a Congressional dispute and return to normal once the immediate crisis was resolved. Some argued that the worst outcome would be if the US failed to pay interest and/or principal on the national debt to bondholders, thereby defaulting on its sovereign debt. Former Treasury Secretary 1121: 1455:. These measures were implemented on May 16, 2011, when Geithner declared a "debt issuance suspension period". According to his letter to Congress, this period could "last until August 2, 2011, when the Department of the Treasury projects that the borrowing authority of the United States will be exhausted". These methods have been used on several previous occasions in which federal debt neared its statutory limit. 1275: 2385:'s Ratings Services revised its outlook on the US to negative due to recent and expected further deterioration in the US fiscal profile, and of the ability and willingness of the US to soon reverse this trend. With the negative outlook, S&P believed there is a likelihood of at least one-in-three of a downward rating adjustment within two years. 2033:, passed the House on August 1, 2011, by a vote of 269–161; 174 Republicans and 95 Democrats voted for it, while 66 Republicans and 95 Democrats voted against it. The Senate passed the agreement on August 2, 2011, by a vote of 74–26; 7 Democrats and 19 Republicans voted against it. Obama signed the bill shortly after it was passed by the Senate. 1999:") of spending, equally split between defense and non-defense programs. The cuts would apply to mandatory and discretionary spending in the years 2013 to 2021 and be in an amount equal to the difference between $ 1.2 trillion and the amount of deficit reduction enacted from the joint committee. The sequestration mechanism is the same as the 1415:

real interest rates, but there is no guarantee that government debt rates will continue to stay so low. In January 2012, the U.S. Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association unanimously recommended that government debt be allowed to auction even lower, at negative absolute interest rates.

2444:(H.R.2560), their proposed solution to the crisis, to a vote. They passed the bill by a vote of 234–190, split closely along party lines: 229 Republicans and 5 Democrats 'for', 181 Democrats and 9 Republicans 'against'; it was sent to the Senate for consideration. The Bill authorized that the debt ceiling be raised by $ 2.4 trillion 1691:) expressed skepticism about raising the debt ceiling (with some suggesting the consequences of default are exaggerated), arguing that the debt ceiling should not be raised, and "instead the federal debt be 'capped' at the current limit," "although that would oblige the government to cut spending by almost half overnight." 1129: 1346:. Though a balanced budget is ideal, allowing down payment on debt and more flexibility within government budgeting, limiting deficits to within 1% to 2% of GDP is sufficient to stabilize the debt. Deficits in 2009 and 2010 were 10.0 percent and 8.9 percent respectively, and the largest as a share of 1767:

The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation

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In a report issued by the credit rating agency Moody's, analyst Steven Hess suggested that the government should consider getting rid of the limit altogether, because the difficulty inherent in reaching an agreement to raise the debt ceiling "creates a high level of uncertainty" and an increased risk

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Geithner responded that prioritizing debt would require "cutting roughly 40 percent of all government payments", which could only be achieved by "selectively defaulting on obligations previously approved by Congress". He argued that this would harm the reputation of the United States so severely

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warned that "failure to raise the limit would precipitate a default by the United States. Default would effectively impose a significant and long-lasting tax on all Americans and all American businesses and could lead to the loss of millions of American jobs. Even a very short-term or limited default

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is allowed to borrow. The debt ceiling had routinely been raised in the past without partisan debate or additional terms or conditions. This reflects the fact that the debt ceiling does not prescribe the amount of spending, but only ensures that the government can pay for the spending to which it has

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Politically, the crisis caused support for the Republican Party to drop, whose support for the debt-ceiling deal was needed as it controlled the House. The party saw its approval ratings drop from 41 percent in July to 33 percent in August. Nevertheless, President Obama saw his approval ratings drop

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Most of the $ 900 billion in cuts occur in future years, and so will not remove significant capital from the economy in the current and following year. The across-the-board cuts could not take place until 2013. If they are triggered, a new Congress could vote to reduce, eliminate, or deepen all

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Projections required for debt and cash management can be volatile. Outside experts that track Treasury finances had said that announced Treasury estimates were within the range of uncertainty for their analyses. Delaying an increase in the debt limit past August 2 could have risked a delay in Social

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An increase in the debt ceiling requires the approval of both houses of Congress. Republicans and some Democrats insisted that an increase in the debt ceiling be coupled with a plan to reduce the growth in debt. There were differences as to how to reduce the expected increase in the debt. Initially,

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argued that, because it would come down to the Supreme Court, the Court would not vote in favor of anyone who could and would sue: it would rule the debt ceiling unconstitutional. This is because, for the Court to rule to uphold the debt ceiling, it would, in effect, be voting for the United States

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Matthew Zeitlin added to the counter-argument that, were Section 4 invoked, members of Congress would not have standing to sue the President for allegedly usurping congressional authority, even if they were willing to do so; and those likely to have standing would be people "designed to elicit zero

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expressed deep concern that administration officials were stating or implying that failure to raise the nation's debt limit would constitute a default on US debt and precipitate a financial crisis: "We believe it is irresponsible and harmful for you to sow the seeds of doubt in the market regarding

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by governments as it is "a transfer from creditors (savers) to borrowers (in the historical episode under study here—the government)" and "given that deficit reduction usually involves highly unpopular expenditure reductions and (or) tax increases of one form or another, the relatively 'stealthier'

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August 2, 2011: The Senate passed the bill by a vote of 74–26. 28 Republicans, 45 Democrats, and 1 independent voted 'yes'; 19 Republicans, 6 Democrats, and 1 independent voted 'no'. President Obama signed the debt ceiling bill the same day, thus ending fears of a default. Obama also declared that

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May 31, 2011: The House voted on a bill to raise the debt ceiling without any spending cuts tied to the increase. President Obama asked Congress to raise the debt ceiling in a 'clean' vote that included no other conditions. The bill, which would have raised the debt ceiling by $ 2.4 trillion,

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Michael Stern, Senior Counsel to the US House of Representatives from 1996 to 2004, stated that Garrett Epps "had adopted an overly broad interpretation of the Public Debt Clause and that this interpretation, even if accepted, could not justify invalidating the debt limit" because "the President's

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On July 31, two days prior to when the Treasury estimated the borrowing authority of the United States would be exhausted, Republicans agreed to raise the debt ceiling in exchange for a complex deal of significant future spending cuts. The crisis did not permanently resolve the potential of future

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and other economists state that at such low rates, government debt borrowing saves taxpayer money, and improves creditworthiness. In the late 1940s and then again in the early 1970s, the US and UK both reduced their debt burden by about 30% to 40% of GDP per decade by taking advantage of negative

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interest rates were at historical lows, and the US had no market restrictions on its ability to obtain additional credit. The debt ceiling has been raised 68 times since 1960. Sometimes the increase was treated as routine; many times it was used to score political points for the minority party by

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reported in February 2011 that managing debt when delays in raising the debt limit occur diverts Treasury's resources from other cash and debt management responsibilities and that Treasury's borrowing costs modestly increased during debt limit debates in 2002, 2003, 2010 and 2011. If the interest

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explains: "The debt limit does not control or limit the ability of the federal government to run deficits or incur obligations. Rather, it is a limit on the ability to pay obligations already incurred." The apparent redundancy of the debt ceiling has led to suggestions that it should be abolished

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The process of setting the debt ceiling is separate and distinct from the regular process of financing government operations, and raising the debt ceiling does not have any direct impact on the budget deficit. The US government passes a federal budget every year. This budget details projected tax

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credit rating services issued warnings that US credit rating could be downgraded because of the continued large deficits and increasing debt. According to the CBO's 2011 long-term budget outlook, without major policy changes the large budget deficits and growing debt would continue, which "would

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Prior to 1917, Congress directly authorized the amount of each borrowing. In 1917, in order to provide more flexibility to finance the US involvement in World War I, Congress instituted the concept of a "debt ceiling". Since then, the Treasury may borrow any amount needed as long as it keeps the

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The US House of Representatives originally refused to raise the debt ceiling without deficit reduction, voting down a "clean" bill to increase the debt ceiling without conditions. The May 31 vote was 318 to 97, with all 236 Republicans and 82 Democrats voting to defeat the bill. The Republicans

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aimed to reduce total spending by $ 5.8 trillion and reduce total deficits by $ 4.4 trillion over 10 years compared to the current-policy baseline. It included reform to Medicare and Medicaid entitlement programs, which the Democrats criticized as an attempt to leave seniors and poor

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urged calm over the downgrade, since only one of the three major credit rating agencies decided to lower its rating. On August 6, 2011, China, the largest foreign holder of United States debt, said that Washington needed to "cure its addiction to debts" and "live within its means". The Chinese

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would not expire at the end of 2012, citing Congressional resistance to revenue raising measures. The downside scenario, the conditions that would likely lead to a further downgrade to AA, assumed that the second round of spending cuts would fail to occur and that yield on Treasury bonds would

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As of May 2011, approximately 40 percent of US government spending relied on borrowed money. That is, without borrowing, the federal government would have had to cut spending immediately by 40 percent, affecting many daily operations of the government, besides the impact on the

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Even if the Treasury were to prioritize payments on the debt above other spending and avoid formal default on its bonds, failure to raise the debt ceiling would force the government to reduce its spending by as much as ten percent of GDP overnight, leading to a corresponding fall in

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in the beginning 2012, authorizing federal government spending for the remainder of the 2011 fiscal year, which ended on September 30, 2011. For the 2011 fiscal year, expenditure was estimated at $ 3.82 trillion, with expected revenues of $ 2.17 trillion, leaving a deficit of $

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February 14, 2011: Obama released his budget proposal for fiscal year 2012. Republicans criticized the budget for doing too little to rein in the burgeoning US deficit. The CBO analysis, released in April 2011, estimated that the budget would increase total deficits over 10 years by $

2208:, on the GOP: "I think some of our members may have thought the default issue was a hostage you might take a chance at shooting. Most of us didn't think that. What we did learn is this – it's a hostage that's worth ransoming. And it focuses the Congress on something that must be done." 2046:

The national debt rose $ 238 billion (or about 60% of the new debt ceiling) on August 3, the largest one-day increase in the history of the United States. The US debt surpassed 100 percent of gross domestic product for the first time since World War II. According to the

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On July 31, 2011, President Obama announced that the leaders of both parties in both chambers had reached an agreement that would reduce the deficit and avoid default. The same day, Speaker Boehner's office outlined the agreement for House Republicans. According to the statement:

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December 1, 2010: The Bowles-Simpson Commission on Fiscal Responsibility and Reform issued its report, but the recommendations failed to win support of at least 14 of the 18 members necessary to adopt it formally. The recommendations were never adopted by Congress nor President

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explained that when the debt ceiling is reached, the US Treasury can declare a debt issuance suspension period and utilize "extraordinary measures" to acquire funds to meet federal obligations but which do not require the issue of new debt, such as the sale of assets from the

1148:). The difference between the two is the debt that is held by the federal government itself. The second panel shows the two debt figures as a percentage of US GDP (dollar value of US economic production for that year). The top panel is deflated so every year is in 2010 dollars. 1994:

The agreement specified an incentive for Congress to act. If Congress fails to produce a deficit reduction bill with at least $ 1.2 trillion in cuts, then Congress can grant a $ 1.2 trillion increase in the debt ceiling. This would trigger across-the-board cuts

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During the debate, some scholars, Democratic lawmakers, and Treasury Secretary Tim Geithner suggested that the President could declare that the debt ceiling violates the Constitution and issue an Executive Order to direct the Treasury to issue more debt. They point to

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after August 2, but still would have enough incoming cash to meet its obligations until August 15. Analysts also predicted that Treasury would be able to roll over the $ 90 billion in US debt that matured on August 4, and gain additional time to avert the crisis.

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counter-argued that the President would not be usurping Congressional power by invoking Section 4 to declare the debt ceiling unconstitutional, because the debt ceiling exceeds Congressional authority. He called it legislative "double-counting," as paraphrased in

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was passed by Congress. Since Constitutional amendments require a two-thirds majority vote in both chambers of Congress to pass, a vote for a Balanced Budget Amendment would require more support than the Cut, Cap and Balance Act bill achieved in the House

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lowered the credit rating of the United States from AAA to AA+, citing Congressional resistance to new revenue measures and uncontrolled growth of entitlement programs. The agency rated the long-term outlook as negative, citing uncertainty in debt growth

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on payments to bondholders or immediately curtail payment of funds owed to various companies and individuals that had been mandated but not fully funded by Congress. Both situations would likely have led to a significant international financial crisis.

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US law does not place a limit on the denomination of minted coins, and specifically mentions that the Mint can create platinum coins of arbitrary value under the discretion of the Secretary of the Treasury. Yale law professor Jack Balkin mentioned

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or part of them. Under the U.S. Constitution, the President could veto such a future bill passed by Congress; in such a scenario, Congress would have pass a bill to override this veto by a two-thirds majority of each house of Congress.

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The U.S. Treasury stated on multiple occasions that the US government would exhaust its borrowing authority around August 2, 2011. That date appeared to serve as an effective deadline for Congress to vote to increase the debt ceiling.

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December 16, 2009: The debt ceiling was exceeded. To avoid default, the Treasury Department used "extraordinary accounting tools" to enable the Treasury to make an additional $ 150 billion available to meet the necessary federal

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Former President Bill Clinton endorsed this counter-argument, saying he would eliminate the debt ceiling using the 14th Amendment. He called it "crazy" that Congress first appropriates funds and then gets a second vote on whether to

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benefits, military salaries, interest on the debt, and many other items. Making the promised payments of the principal and interest of US treasury securities on time ensures that the nation does not default on its sovereign debt.

1922:" online since at least January 2011. Hence it has been suggested that a coin with a face value of a trillion or more could be minted and deposited with the Federal Reserve and used to buy back debt, thus making funds available. 2320:. The mission of the commission was to propose recommendations designed to balance the budget, excluding interest payments on the debt, by 2015. It was tasked to issue a report with a set of recommendations by December 1, 2010. 1884:

duty to safeguard the national debt no more enables him to assume Congress's power of the purse than it would enable him to assume the judicial power when (in his opinion) the Supreme Court acts in an unconstitutional manner."

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warned in July 2011 that the consequences of such a default would be higher borrowing costs for the US government (as much as one percent or $ 150 billion/year in additional interest costs) and the equivalent of

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whose major planks during the campaign included cutting federal spending and stopping any tax increases. These new Republicans and the new Republican House majority greatly affected the 2011 debt ceiling political debate.

1171:, borrowing the shortfall amount by the issue of debt instruments. Under federal law, the amount that the government can borrow is limited by the debt ceiling, which can only be increased with a separate vote by Congress. 1175:

total at or below the authorized ceiling. Some small special classes of debt are not included in this total. To change the debt ceiling, Congress must enact specific legislation, and the President must sign it into law.

1715:, "without a limit dependent on congressional approval, the report said, the agency would worry less about the government's ability to meet its debt obligations." Other public figures, including Democratic ex-President 1239:

According to the Treasury, "failing to increase the debt limit would . . . cause the government to default on its legal obligations – an unprecedented event in American history". These legal obligations include paying

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the full faith and credit of the United States and ask that you set the record straight – that you will use all available Treasury funds necessary to prevent default while Congress addresses the looming debt crisis."

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The agreement cut spending more than it increased the debt limit. In the first installment ("tranche"), $ 917 billion would be cut over 10 years in exchange for increasing the debt limit by $ 900 billion.

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Spending cuts combined with tax increases on some categories of taxpayers, to reduce deficits (For example, a 1:1 spending cut / tax increase ratio initially desired in the Congress versus 3:1 offered by President

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to propose recommendations to balance the budget by 2015. The commission issued a report in December 2010, but the recommendations failed to receive enough votes to allow the report to be passed on to Congress.

543: 2612: 1973: 1660:, went even further, and argued that not only should the debt ceiling be raised, but federal spending (and, therefore, the deficit) should be increased in the short term (as long as the economy remains in the 1337:

Underlying the contentious debate over raising the debt ceiling has been an anxiety, growing since 2008, about the large United States federal budget deficits and the increasing federal debt. According to the

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holding the bag on health care costs. The criticism resonated with the many in the public, who voiced opposition to the proposed changes. The Senate rejected the budget proposal on May 25, 2011 (see below).

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the long-term credit rating of the United States government for the first time in its history, from AAA to AA+. In contrast with previous ratings, the agency assumed in the base case scenario that the

1796:, looking into the Legislative History of the Fourteenth Amendment, argued that Section 4 was adopted to guard against politically determined default. Referencing the sponsor of the provision, Senator 1467:

While the U.S. Treasury's borrowing authority may have been exhausted on August 2, 2011, it retained cash balances that would have enabled it to meet federal obligations for a short time. According to

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argued that the President could use the public debt section of the Fourteenth Amendment to force the Treasury to continue paying its debts if an agreement to raise the debt ceiling was not reached.

768: 587: 639: 758: 1030:, with the stock market trending significantly downward. Prices of government bonds ("Treasuries") rose as investors, anxious over the dismal prospects of the US economic future and the ongoing 5562: 3176: 2407: 1980:. The goal of the legislation is to cut at least $ 1.5 trillion over the coming 10 years and should be passed by December 23, 2011. The committee would have 12 members, 6 from each party. 1183:. A vote to increase the debt ceiling is, therefore, usually seen as a formality, needed to continue spending that has already been approved previously by the Congress and the President. The 753: 5640: 3641: 2617: 2363:

2.7 trillion: from $ 6.7 trillion of the March 2011 baseline to $ 9.4 trillion with the proposed budget. The Senate rejected the budget proposal on May 25, 2011 (see below).

790: 780: 2622: 290: 1053:(GAO) estimated that the delay in raising the debt ceiling increased government borrowing costs by $ 1.3 billion in 2011 and also pointed to unestimated higher costs in later years. The 2496:

July 31, 2011: President Barack Obama announced that leaders of both parties had reached an agreement to lift the debt ceiling and reduce the federal deficit. Separately, House Speaker

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reduce national saving, leading to higher interest rates, more borrowing from abroad, and less domestic investment – which in turn would lower income growth in the United States". The

305: 4935: 2370:, 260–167 and 81–19 respectively. This budget projected the 2011 deficit to be $ 1.645 trillion, and therefore ensured that the debt ceiling would be hit during this fiscal year. 168: 2356:

introduces the Full Faith And Credit Act bill that would require the Treasury to prioritize payments to service the national debt over other obligations. The bill was never debated.

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called the Act "one of the worst pieces of legislation to ever be placed on the floor of the United States Senate". Even had it passed Congress, Obama had promised to veto the bill.

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Experts were divided on how bad the effects of not raising the debt ceiling for a short period would be on the economy. While some leading economists, including Republican adviser

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July 30, 2011: The House of Representatives voted 173–246 to defeat Senate Majority Leader Harry Reid's $ 2.4 trillion plan to reduce the deficit and raise the debt ceiling.

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January 28, 2011: Moody's Investors Service said it may place a "negative" outlook on the AAA rating of US debt sooner than anticipated, as the country's budget deficit widened.

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deposits at the Federal Reserve, which it could do because the market price of gold had increased. According to experts, the Secretary of the Treasury is still authorized to

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August 2, 2011: The date estimated by the Department of the Treasury that the borrowing authority of the US would be exhausted, if the debt ceiling crisis were not resolved.

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President Barack Obama met with Speaker of the House John Boehner on the patio near the Oval Office on Sunday, July 3, 2011, during the debt ceiling increase negotiations.

733: 457: 239: 6224: 4265: 6547: 5375: 4524: 1698: 743: 319: 1167:. If the proposed expenditure exceeds the revenues that have been collected, there is a deficit or shortfall, which can only be financed by the government, through the 1960:

President Barack Obama makes a statement in the Brady Press Briefing Room at the White House announcing a deal that resolved the US debt ceiling crisis. July 31, 2011.

820: 795: 785: 738: 87: 3508: 3491: 6485: 4213: 3960: 2592: 2292: 800: 582: 5047: 4461: 1402:, occur when the market believes that there are no alternatives with sufficiently low risk, or when popular institutional investments such as insurance companies, 6147: 4886: 2503:

August 1, 2011: The House passed a bipartisan bill by a vote of 269–161. 174 Republicans and 95 Democrats voted 'yes'; 66 Republicans and 95 Democrats voted 'no'.

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Congress considered whether and by how much to extend the debt ceiling (or eliminate it), and what long-term policy changes (if any) should be made concurrently.

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However, soon after the 2011 budget was passed, the debt ceiling set in February 2010 was reached. In a letter to Congress of April 4, 2011, Treasury Secretary

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Under US law, an administration can spend only if it has sufficient funds to pay for it. These funds can come either from tax receipts or from borrowing by the

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domestic and international economies. It is unclear if the Treasury has the technological capability to disburse funds to some individuals it owes money. The

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told Republicans that they had reached the framework for an agreement. Boehner revealed details of the agreement in a presentation to the House Republicans.

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was resolved in a compromise without expiring the 2001 and 2003 tax cuts, but S&P did not downgrade to AA. The other two major credit rating agencies,

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emerged with a focus on reducing government spending and regulation. The Tea Party movement helped usher in a wave of new Republican office-holders in the

533: 212: 6360: 5315: 3974: 6314: 5882: 5836: 5270: 4194: 2662: 2003:. There are exemptions—across the board cuts would apply to Medicare, but not to Social Security, Medicaid, civil and military employee pay, or veterans. 711: 381: 3553: 2420:, in an effort to continue the talks. Cantor said that these talks would lay the groundwork for further discussions between President Obama, Republican 6282: 3149: 2297:

Although the US has raised its debt ceiling many times before 2011, these increases were not generally coupled with an ongoing global economic crisis.

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US debt ceiling at the end of each year from 1981 to 2010. The graph indicates which president and which political party controlled Congress each year.

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legislators (who held a majority in the House of Representatives) opposed any increase in taxes and proposed large spending cuts. A large majority of

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Government Accountability Office. "Analysis of 2011-2012 Actions Taken and Effect of Delayed Increase on Borrowing Costs." GAO-12-701. July 2012.

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May 25, 2011: The Senate rejected both the Republican House budget proposal, by a vote of 57–40, and the Obama budget proposal, by a vote of 97–0.

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the credit rating of the United States government for the first time in the country's history, though the other two major credit-rating agencies,

911: 891: 879: 859: 684: 572: 565: 263: 97: 5411: 5644: 5400: 4479: 4441: 3867: 6552: 2607: 2602: 1020: 995: 669: 523: 254: 249: 202: 192: 4545: 1010:

If the United States breached its debt ceiling and were unable to resort to other "extraordinary measures", the Treasury would have to either

6542: 5782: 4999: 4869: 2176: 1541:. Economists believe that such a significant shock, if sustained, would reverse the economic recovery and send the country into a recession. 840: 447: 374: 5759: 2437:

June 23, 2011: Biden's negotiations on the debt ceiling were cut off when both Eric Cantor and Jon Kyl walk out over disagreements on taxes.

5024: 2180: 830: 145: 102: 1423:

financial repression tax may be a more politically palatable alternative to authorities faced with the need to reduce outstanding debts".

5704: 4329: 3254: 6557: 5159: 1956: 1439:

1.48 trillion. This includes, public and federal debt, as well as the GDP. Leaving a budget deficit of 38.7%, the world's highest.

906: 874: 726: 654: 6054: 5850: 4822: 1934:

in 1953. The debt ceiling was not raised until the spring of 1954. To accommodate the gap, the Eisenhower administration increased its

1664:), which they believed would stimulate the economy, reduce unemployment, and ultimately reduce the deficit in the medium to long term. 1549: 6537: 4630: 4596: 3719: 3642:"As US Reaches Debt Limit, Geithner Implements Additional Extraordinary Measures to Allow Continued Funding of Government Obligations" 3453:

FRED Economic Data chart from government debt auctions (the x-axis at y=0 represents the inflation rate over the life of the security)

1931: 1636:(Some Democratic lawmakers suggested that the President could declare that the debt ceiling violates the US Constitution and issue an 976: 696: 341: 107: 6170: 5730: 3397: 3315: 6006: 4023: 2367: 1942:

8,000 tons of gold, valued under the old law at approximately $ 42 per ounce, but with a market value worth over $ 1,600 per ounce.

1435: 1318: 947: 852: 691: 117: 5458: 493: 4955: 3539:"Minutes of the Meeting of the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association" 2781: 2559: 2528:

announced it will keep interest rates at "exceptionally low levels" at least through mid-2013; it made no commitment for further

1935: 1228: 1184: 1084:(failure to pay the interest and/or principal of US treasury securities on time) thereby creating an international crisis in the 1050: 991: 594: 6234: 5665: 4116: 3030: 2572:

if the debt ceiling crisis had not been resolved. This, however, did not occur as the debt ceiling crisis was resolved by then.

2457: 2313: 1637: 1622: 1448: 1241: 150: 67: 6505: 6329: 6055:"Bill Summary & Status – 112th Congress (2011–2012) – H.R.2560 – All Congressional Actions – THOMAS (Library of Congress)" 5993: 5209: 4377: 2597: 1471:, Treasury would run out of cash around August 10, when $ 8.5 billion in Social Security payments were due. According to 1057:

extended the GAO's estimates and found that delays in raising the debt ceiling would raise borrowing costs by $ 18.9 billion.

1027: 232: 5379: 2587: 2395:

May 18, 2011: Bipartisan deficit-reduction talks among the "Gang of Six" high-profile Senators are suspended when Republican

2117: 1383: 1285: 1097: 1093: 1031: 4979: 5444: 3488: 2074: 2013:

The debt ceiling may be increased an additional $ 1.5 trillion if either one of the following two conditions are met:

6489: 4048: 2324: 1816:, argued that Section 4 renders the debt ceiling unconstitutional, and that the President should disregard the debt limit. 1358: 1163:

In the United States, the federal government can pay for expenditures only if Congress has approved the expenditure in an

1104:

pushed their fellow Republicans to reject any agreement that failed to incorporate large and immediate spending cuts or a

1100:

legislators (who held a majority in the Senate) favored tax increases along with smaller spending cuts. Supporters of the

748: 674: 112: 6435: 5051: 4812:

United States Code: Title 31,5112. Denominations, specifications, and design of coins | LII / Legal Information Institute

3055: 2305:

February 12, 2010: Increase in the debt ceiling signed into law by President Obama, after being passed by the Democratic

1768:

incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any

1741:, that states that the validity of the public debt shall not be questioned. Others rebutted this argument by pointing to 6506:"United States of America Long-Term Rating Lowered To 'AA+' On Political Risks And Rising Debt Burden; Outlook Negative" 6198: 5210:"United States of America Long-Term Rating Lowered To 'AA+' On Political Risks And Rising Debt Burden; Outlook Negative" 4400: 2537: 2306: 2129: 1431:

Prior to the 2011 debt ceiling crisis, the debt ceiling was last raised on February 12, 2010 to $ 14.294 trillion.

940: 462: 92: 82: 50: 5129: 4890: 2051:, the US joined a group of countries whose public debt exceeds their GDP. The group includes Japan (229 percent), 4567: 2389: 2140:

falling below $ US86 a barrel. The price of gold fell, as deepening losses on Wall Street prompted investors to sell.

2048: 2000: 1339: 1300: 1088:. Alternatively, default could be averted if the government were to promptly reduce its other spending by about half. 6459: 4166: 2434:

failed by a vote of 97–318. Democrats accused Republicans of playing politics by holding a vote they knew would fail.

1207:

has added to the national debt. The debt ceiling has been raised 74 times since March 1962, including 18 times under

1203:

led to the first yearly report on the amount of the debt ($ 75,463,476.52 on January 1, 1791). Every president since

1002:

negotiate over deficit reduction in exchange for an increase in the debt ceiling, the statutory maximum of money the

5932: 4355: 2335:

for the House Republicans during the election campaign were cutting federal spending and stopping any tax increases.

6361:"U.S. Senate Roll Call Votes 112th Congress – 1st Session On the Motion to Concur in the House Amendment to S. 365" 5588: 5422: 3523: 3202: 2730: 2582: 2484: 2212:

Boehner was reported to be particularly concerned that any defense cuts could not go into effect until after 2013.

2153: 2030: 1951: 1196: 984: 980: 644: 560: 197: 180: 5072: 4076: 3554:"Bill Summary & Status – 111th Congress (2009–2010) – H.J.RES.45 – CRS Summary – THOMAS (Library of Congress)" 1034:, fled into the still-perceived relative safety of US government bonds. Later that week, the credit-rating agency 409: 6516: 6478: 6339: 5181: 4612: 2460:

the Cut, Cap and Balance Act; 51 Democrats voting to table it and 46 Republicans voting to bring it to a debate.

2449: 2317: 2007: 1574: 1366: 1332: 1293: 1200: 1158: 337: 6405: 3348: 3009:"Interview with GM's Dan Akerson; Killing in the Name of the Knights Templar; Interview With Christine Lagarade" 5811: 4330:"House Democrats Support Executive Order On Debt Limit – News – Talk Radio News Service: News, Politics, Media" 3747: 3580: 2981: 2441: 2133: 1626: 1245: 1105: 1054: 224: 140: 6383: 2659: 3557: 2309:. It increased the debt ceiling by $ 1.9 trillion from $ 12.394 trillion to $ 14.294 trillion. 6289: 6121: 5614: 5242: 5216: 3228: 2851: 2541: 2517: 2480:

July 25, 2011: The bond market is shaken by a single $ 850 million futures trade betting on US default.

2249: 2221: 2192: 1976:

that would produce debt reduction legislation by November 23, 2011, that would be immune from amendments or

1688: 1374: 1289: 1035: 815: 6257: 4774: 4235: 3681: 3481: 2907: 2714: 2545: 4755: 2374: 2172: 1593: 1347: 968: 624: 452: 38: 5897: 5105: 3700: 1876:

to default, with the consequences that would entail; and, Steinglass argues, the Court would not do that.

5154: 4940: 4787:"Fact Check: Treasury General Counsel George Madison Responds to New York Times Op-Ed on 14th Amendment" 4714: 4655: 4501: 3538: 3349:"Fiscal Challenges Weighing On The 'AAA' Sovereign Credit Rating On The Government Of The United States" 2264: 1888: 1872: 1825: 1179:

collections and outlays and, therefore, the amount of borrowing the government would have to do in that

471: 360: 3425: 3371: 3082: 1611:

Initially, a "clean" increase or unconditional raise to the debt ceiling with no spending cuts attached

1410:

are required or choose to invest sufficiently large sums in Treasury securities to hedge against risk.

62: 5488: 5331: 2786:"Debt Limit: Delays Create Debt Management Challenges and Increase Uncertainty in the Treasury Market" 6334: 6175: 5185: 5077: 4270: 4121: 3608: 3468: 3402: 3154: 1996: 1984: 1919: 1908: 1782:

The Congress shall have power to enforce, by appropriate legislation, the provisions of this article.

1601: 1484:

Security and other benefit checks, and could have led to disruptions in scheduled Treasury auctions.

1419: 1343: 1257:

criticizing the out-of-control spending of the majority. The only other country with a debt limit is

664: 478: 6032: 4936:"President Obama says Republican, Dem leaders have reached agreement with him to raise debt ceiling" 3101: 1894:

Treasury Secretary Tim Geithner implied that the debt ceiling may violate the Constitution; however

1386:

was occurring throughout 2010–2011, and there were concerns that the US was on the same trajectory.

4912: 4664: 4572: 4529: 4446: 4405: 4304: 4171: 4053: 4019: 3724: 3069: 2877: 2801:"Debt ceiling crisis: The debt ceiling is a pointless, dangerous relic, and it should be abolished" 2568:

that $ 29 billion of federal debt interest would have become due, thus triggering a technical

2533: 2529: 2235:

International reaction to the US credit rating downgrade has been mixed. Australian Prime Minister

1868: 1711: 1493: 1452: 923: 629: 350: 6099: 6007:"Bill Summary & Status – 112th Congress (2011–2012) – H.R.2560 – THOMAS (Library of Congress)" 4842:

The $ 5 Trillion Coin. Gimmicks the government could use to resolve the debt-ceiling debacle.

4103: 3989: 2932: 5513: 5247: 4960: 4695: 2323:

November 2, 2010: The Republican Party gained 63 seats in the US House of Representatives in the

2260: 2256: 2245: 2188: 1835: 1746: 1719:

and Republican ex-CBO director Douglas Holtz-Eakin, have suggested eliminating the debt ceiling.

1653: 1597: 1395: 1354: 1164: 1101: 1069:. Congress has set a debt ceiling, beyond which the Treasury cannot borrow (this is similar to a 506: 2382: 5945: 3889:"Bill Summary & Status – 112th Congress (2011–2012) – S.163 – THOMAS (Library of Congress)" 3769: 3008: 2487: 6308: 5876: 5830: 4984: 4865: 2627: 2569: 2248:

was critical of the US government, questioned whether the US dollar should continue to be the

2019:

The joint committee cuts spending by a greater amount than the requested debt ceiling increase

1564:

A Dollar-for-dollar deal; that is, raise the debt ceiling to match corresponding spending cuts

1233: 1085: 1081: 1011: 1080:

In addition, the Obama administration stated that, without this increase, the US would enter

17: 6229: 6058: 5857: 5641:"The Moment of Truth: Report of the National Commission on Fiscal Responsibility and Reform" 4846: 4719: 4634: 4475: 4295: 4081: 3975:"Analysts: Failure To Raise Debt Ceiling Means 44% Spending Cut, 10% Drop In GDP, Recession" 2805: 2759: 2507:

the bill is an "important first step to ensuring that as a nation we live within our means".

2346: 2316:

to establish the National Commission on Fiscal Responsibility and Reform, also known as the

2271: 1983:

Projected revenue from the Joint Select Committee's legislation must not exceed the revenue

1856: 1851: 1812: 1684: 1668: 1538: 1513: 1497: 1468: 1443: 1411: 501: 218: 4423: 3914:"Sen. Toomey Introduces First Step To Curb Federal Spending: The Full Faith And Credit Act" 6466: 4829: 4690: 3939: 3495: 3126: 2666: 2565: 2525: 2274:

scheduled a meeting to discuss the "global financial crisis that concerns all countries".

2205: 2137: 2125: 1745:

of Article 1 and Section 5 of the Fourteenth Amendment, which state that Congress has the

1702: 1476: 1109: 999: 884: 716: 485: 345: 6010: 5678: 4462:"Right Now Contractionary Fiscal Policy (Probably) Makes the Long-Run Debt Problem Worse" 3791: 2477:

addressed the nation separately over network television with regards to the debt ceiling.

2392:, directing the Treasury to utilize "extraordinary measures" to fund federal obligations. 5539: 5466: 5342: 3888: 3668:

Delays Create Debt Management Challenges and Increase Uncertainty in the Treasury Market

2680:"Analysis of 2011-2012 Actions Taken and Effects of Delayed Increase on Borrowing Costs" 2388:

May 16, 2011: The debt ceiling is reached. Treasury Secretary Timothy Geithner issued a

1600:

by the same amount This would violate the property rights of national banks who own the

1596:

assets to the government and destroying those bonds, thereby reducing the United States

6081: 5289: 4686: 4626: 4144: 3284: 2828: 2562: 2470:

July 25, 2011: Republicans and Democrats outlined separate deficit-reduction proposals.

2366:

April 14, 2011: Both the House of Representatives and the Senate voted in favor of the

2328: 2229: 1895: 1831: 1803: 1661: 1618:

A large debt-ceiling increase, to support borrowing into 2013 (after the next election)

1399: 1216: 1120: 773: 3913: 3817: 2373:

April 15, 2011: On a party-line vote 235–193, the House of Representatives passed the

1757:

The Congress shall have power . . .To borrow Money on the credit of the United States;

1007:

already committed itself. Some use the analogy of an individual "paying their bills."

6531: 6413: 5738: 4760: 3323: 2236: 2168: 2148: 1988: 1807: 1797: 1657: 1649: 1253: 1208: 1189: 175: 5089: 5087: 3450: 3034: 2124:

lost up to four percent in value, the largest drop since July 2009, during the

5294: 4811: 2497: 2474: 2424: 2225: 1939: 1845: 1716: 1645: 1506: 1220: 1212: 1204: 1070: 424: 4832:, "beowulf" on my.firedoglake.com, Monday January 3, 2011, Retrieved July 31, 2011 4266:"Schumer threatens 14th Amendment solution for 'next round' of debt-ceiling talks" 1737:

of the Fourteenth Amendment to the US Constitution, passed in the context of the

4608: 2555: 2410: 2332: 2241: 2161: 1915: 1793: 1694: 1472: 1407: 1180: 1074: 1046: 5783:"Obama Defends 2012 Budget, Addresses Deficit, Tax Overhaul in News Conference" 2513:

August 3, 2011: The Treasury increased the national debt by $ 238 billion.

1509:

and other financial markets, potentially as severe as those of September 2008.

5271:"U.S. Loses AAA Credit Rating as S&P Slams Debt Levels, Political Process" 4195:"Budget chief wants plan with 50–50 split between spending cuts and tax hikes" 3917: 3821: 2464: 2396: 2353: 2157: 2121: 1977: 1820: 1672: 1581: 1525: 1521: 1378: 1042: 701: 1418:

This method of negative real interest rates has been claimed to be a form of

1192:" which deemed the debt ceiling raised if necessary to cover appropriations. 4167:"Debt Ceiling: Tax Increases Have Democrats And Republicans In War Of Words" 2403: 2232:, and criticized the US government for "dangerously irresponsible" actions. 1772:; but all such debts, obligations and claims shall be held illegal and void. 1676: 1517:

would have catastrophic economic consequences that would last for decades."

619: 355: 4210:"Pelosi: House Democrats Won't Support Entitlement Cuts in Debt-Limit Deal" 3280:"Executive Order – National Commission on Fiscal Responsibility and Reform" 2660:

http://bipartisanpolicy.org/sites/default/files/Debt%20Limit%20Analysis.pdf

2646: 2191:

capital purposes, the debt of the United States was still considered to be

4913:"Live Gold Prices – Gold Price – Silver Prices – Price of Silver and Gold" 4864:. Vol. 2, Book 1. University Of Chicago Press. pp. 110 and 168. 3667: 1918:

as a solution, although there had been speculation about the option of a "

1855:, "because Congress already appropriated the funds in question, it is the 1195:

The US has had public debt since its inception. Debts incurred during the

1188:

altogether. From 1979 to 1995, the House of Representatives followed the "

1026:

The crisis sparked the most volatile week for financial markets since the

1019:

use of the debt ceiling in budgetary disputes, as shown by the subsequent

5592: 5517: 3206: 3056:

CBPP-The Most Terrifying Result of the Debt Ceiling Crisis-August 2, 2011

2785: 2679: 1680: 1671:

and other Republicans, however, (including, but not limited to, Senators

1630: 1589: 1502: 1252:

Critics have argued that the debt ceiling crisis is "self-inflicted," as

2283:

to a record low of 40 percent in regards to his handling of the crisis.

2252:, and called for international supervision over the issue of US dollar. 5357:"In debt deal, the triumph of the old Washington – The Washington Post" 4401:"House GOP Votes Down Clean Debt Limit Increase, Eyes Medicare In Deal" 2959:"Treasury to Explain Who Gets Paid, Who Doesn't if Debt Cap Not Raised" 2417: 2068: 2060: 2056: 1769: 1403: 1258: 5459:"After Downgrade Boehner, McConnell, and GOP Approval Ratings Plunge" 4613:"The Legislative History of Section Four of the Fourteenth Amendment" 2113: 2052: 6330:"House approves debt-ceiling bill as Giffords makes dramatic return" 4735:"Bill Clinton Says He'd Raise The Debt Ceiling Using 14th Amendment" 4077:"Ron Paul's Surprisingly Lucid Solution To The Debt Ceiling Impasse" 3868:"Full Text: Geithner Letter Responding to Republicans on Debt Limit" 3720:"Ex-IMF Chief Economist: Debt Ceiling Default Would Be "A Calamity"" 3372:"UPDATE 2-S&P-US deficit cuts of $ 4 trillion a good start" 2658:

Bipartisan Policy Center. "Debt Limit Analysis." November 27, 2012.

2544:

as well as other world stock markets, recovered after recent falls.

5000:"Debt-Ceiling Deal: President Obama Signs Bill as Next Fight Looms" 4841: 4049:"John Boehner: Tax Reform 'Under Discussion' In Debt Ceiling Talks" 2800: 2700: 5618: 4568:"Tim Geithner: 14th Amendment Says Debt 'Shall Not Be Questioned'" 3818:"Sen. Toomey Sends Letter to Secretary Geithner on the Debt Limit" 3232: 2613:

United States Congress Joint Select Committee on Deficit Reduction

2073: 2064: 1955: 1548: 1128: 4442:"PIMCO Founder To Deficit-Obsessed Congress: Get Back To Reality" 6517:"U.S. debt ceiling: How big is it and how often has it changed?" 5933:

Debt Talks: Joe Biden Leads Third round Of Deficit Negotiations.

3301: 2440:

July 19, 2011: The Republican Majority in the House brought the

2406:

and four Democratic lawmakers begin meeting with the Republican

5423:

Talk of the Day – U.S. debt crisis triggers global mobilization

4597:"Can the President Raise the Debt Limit Unilaterally? Hell no!" 3961:"The Outcome of the Debt Ceiling Battle Could Hurt the Economy" 3451:"5-Year Treasury Inflation-Indexed Security, Constant Maturity" 3150:"Gallup: Tea Party's top concerns are debt, size of government" 1607:

The Democratic positions on raising the debt ceiling included:

1560:

The Republican positions on raising the debt ceiling included:

1232:

payments on the national debt are not made, the US would be in

5243:"S.& P. Downgrades Debt Rating of U.S. for the First Time" 4739: 4546:"Former CBO Director: It's Time to Eliminate the Debt Ceiling" 3770:"Ahmed Wali Karzai Assassinated; Interview with Larry Summers" 2143:

On August 5, 2011, Standard & Poor's credit rating agency

1268: 3398:"Moody's: Neither debt plan protects the nation's AAA rating" 2136:. The commodities market also took losses, with average spot 5946:"Senate rejects budget measure containing Medicare overhaul" 4104:

The twelve Federal Reserve Banks are owned by private banks.

3471:

National Bureau of Economic Research working paper No. 16893

6033:"Constitution of the United States of America – Wikisource" 5204: 5202: 4300:"House Democratic Leaders To Obama: Use The 14th Amendment" 2268: 2164:, continued to rate the federal government's bonds as AAA. 6171:"House passes revised Boehner debt plan with 218–210 vote" 5290:"S&P: Debt default skeptics fueled ratings downgrade" 4480:"Geithner Letter Responding to Republicans on Debt Limit" 3990:"Geithner asks Congress to raise U.S. debt limit quickly" 2618:

United States federal government credit-rating downgrades

2132:

and the corresponding losses by holders of mortgages and

1871:

which would pay off in the event of government default".

1577:– to pass Congress and be sent to states for ratification 1333:

United States public debt § Causes of change in debt

5705:"Secretary Geithner Sends Debt Limit Letter to Congress" 5679:"Secretary Geithner Sends Debt Limit Letter to Congress" 5643:. Fiscalcommission.gov. December 1, 2010. Archived from 4117:"White House: Obama hasn't changed on 'clean' debt vote" 3792:"Secretary Geithner Sends Debt Limit Letter to Congress" 3701:"Is US default deadline truly August 2? Analysts say no" 3609:"Secretary Geithner Sends Debt Limit Letter to Congress" 3343: 3341: 3127:"Anti-tax-and-spend group throws "tea party" at Capitol" 2349:

sent letters requesting an increase in the debt ceiling.

1434:

On April 15, 2011, Congress passed the last part of the

6199:"Debt ceiling: Senate quickly acts to block House plan" 6100:"Transcript of Obama's speech: 'Make your voice heard'" 5760:"President Obama's Budget and the Pending Budget Fight" 5666:

Deficit Commission Report Fails to Advance to Congress.

5563:"Republican wave swamps the U.S. in mid-term elections" 5401:"China Tells U.S. It Must 'Cure Its Addiction to Debt'" 3682:"Business Groups Enter the Fray as Debt Deadline Looms" 3177:"Republican wave swamps the U.S. in mid-term elections" 1749:

and the authority to enforce the Fourteenth Amendment.

1344:

recession and persistently high unemployment in 2008–11

4887:"The Government Debt Ceiling: What Did Eisenhower Do?" 4823:

Coin Seigniorage and the Irrelevance of the Debt Limit

3467:

Carmen M. Reinhart and M. Belen Sbrancia (March 2011)

3274: 3272: 2731:"McCain blasts "bizarro" Tea Party debt limit demands" 2187:, federally regulated institutions were told that for 6406:"Fitch May Cut US Top Rating to 'Restricted Default'" 5412:

Debt crisis: leaders in a rush to find common purpose

5025:"Obama Signs Debt-Ceiling Plan Hours Before Deadline" 4418: 4416: 3102:"Why the U.S. may never have a balanced budget again" 2456:

July 22, 2011: The Senate voted along party lines to

1887:

Rob Natelson, former Constitutional Law Professor at

1697:, the Knight Professor of Constitutional Law and the 1475:

analysts, Treasury would not be able borrow from the

518:

Illinois State Senator and U.S. Senator from Illinois

6144:"US House passes debt bill, likely to die in Senate" 5236: 5234: 3603: 3601: 3003: 3001: 2999: 2908:"Treasury Crafts a Plan: Who Gets Paid, Who Doesn't" 2623:

1995–1996 United States federal government shutdowns

2067:(120 percent), Ireland (114 percent), and 1398:

on government debt. Such low rates, outpaced by the

5898:"House Approves GOP 2012 Budget on Party-Line Vote" 5731:"Moody's Threatens US With 'Negative' Debt Outlook" 5327: 5325: 5323: 5130:

U.S. Debt Reaches 100 percent of Country's GDP

4885:Alex J. Pollock; Anne C. Canfield (July 27, 2011). 4715:"The Debt Ceiling: Why Obama Should Just Ignore It" 3316:"Moody's Threatens US With 'Negative' Debt Outlook" 6479:"Apple now has more cash than the U.S. government" 5994:Top Republicans Walk Out of VP Biden's Debt Talks. 4978:Lisa Mascaro; Kathleen Hennessey (July 31, 2011). 4708: 4706: 4561: 4559: 4349: 4347: 4259: 4257: 3556:. Thomas.loc.gov. February 4, 2010. Archived from 3083:"America's Sea of Red Ink Was Years in the Making" 2750: 2748: 2078:Countries by Standard & Poor's Foreign Rating 1132:US debt from 1940 to 2010. Red lines indicate the 6488:. Concord Coalition. July 8, 2011. Archived from 6469:. Council on Foreign Relations. December 7, 2012. 5972:"Congress rejects 'clean' U.S. debt ceiling hike" 5155:"Market dives to two-year low on recession fears" 4592: 4590: 4378:"Congress rejects 'clean' U.S. debt ceiling hike" 4324: 4322: 4290: 4288: 4014: 4012: 4010: 3908: 3906: 3883: 3881: 3636: 3634: 3632: 3630: 3255:"Tea party role in debt bill raises GOP eyebrows" 3065: 3063: 3031:"CRFB-Understanding the Debt Limit-July 14, 2011" 2016:A balanced budget amendment is sent to the states 2010:between October 1, 2011, and the end of the year. 1394:Since 2010, the U.S. Treasury has been obtaining 6225:"House Votes Down Sen. Reid's Debt-Ceiling Plan" 5507: 5505: 5434:G7 leaders race against new week of market drama 5241:Binyamin Appelbaum; Eric Dash (August 5, 2011). 4980:"U.S. leaders strike debt deal to avoid default" 4973: 4971: 3845:"Senate GOP to Geithner: Default Is Your Choice" 2255:The downgrade started a sell-off in every major 1265:Concern about budget deficits and long-term debt 6384:"Obama signs debt limit bill after nasty fight" 4956:"Boehner's Debt Ceiling Agreement Presentation" 4889:. American Enterprise Institute. Archived from 4631:"The Debt Limit Option President Obama Can Use" 4495: 4493: 4236:"Review & Outlook: The Road to a Downgrade" 3426:"In Greece, a Reflection of U.S. Debt Problems" 2756:"Reid, Boehner Outline Competing Deficit Plans" 2593:History of United States debt-ceiling increases 2293:History of United States debt ceiling increases 1592:, proposed transferring $ 1.6 trillion of 1365:In early 2010, President Obama established the 1219:and three times (as of August 2011) under 1049:, retained America's credit rating at AAA. The 6473:"Obama vs. Boehner: Who Killed the Debt Deal?" 4525:"Eliminate the debt ceiling, Moody's suggests" 4356:"Is the debt ceiling really unconstitutional?" 4145:"Harry Reid calls for clean debt ceiling vote" 3463: 3461: 3459: 2473:July 25, 2011: Obama and Speaker of the House 1723:Possible methods of bypassing the debt ceiling 1567:More of the budget cuts in the first two years 6436:"Analysts: The True Debt Deadline is Aug. 15" 5920:'Gang of Six' budget talks founder in Senate. 4756:"The Debt Ceiling: The Constitutional Option" 4660:"Invoke the 14th – and end the debt standoff" 2327:, recapturing the majority by 242–193 in the 1903:Minting coins in extremely high denominations 1159:United States public debt § Debt ceiling 948: 382: 8: 5540:"Obama signs debt limit-paygo bill into law" 5153:Hyam, Rebecca; Ben Atherton; Michael Janda. 5073:"U.S. eats up most of debt limit in one day" 3581:"Obama signs debt limit-paygo bill into law" 1640:to direct the Treasury to issue more debt.) 1488:Implications of not raising the debt ceiling 1449:Civil Service Retirement and Disability Fund 6460:"U.S. Debt Ceiling: Costs and Consequences" 2554:August 15, 2011: The date estimated by the 1987:produced by current law, which assumes the 6475:. New York Times Magazine. March 28, 2012. 3748:"Debt ceiling: Chaos if Congress blows it" 3548: 3546: 2982:"Debt Ceiling: Chaos if Congress blows it" 2852:"Debt ceiling FAQs: What you need to know" 955: 941: 400: 389: 375: 31: 5343:"Agencies Issue Guidance on Federal Debt" 5095:"Daily Treasury Statement (for August 3)" 2871: 2869: 2185:Office of the Comptroller of the Currency 1991:will expire entirely at the end of 2012. 1319:Learn how and when to remove this message 967:In 2011, ongoing political debate in the 6548:Government finances in the United States 6511:. Standard & Poor's. August 5, 2011. 5589:"Cutting Spending – A Pledge to America" 5489:"Obama Approval Drops to New Low of 40%" 5182:"World stocks plunge on recession fears" 5019: 5017: 4850:, July 29, 2011, Retrieved July 31, 2011 2718:By Warren Mosler at creditwritedowns.com 2647:http://www.gao.gov/assets/600/592832.pdf 2079: 1299:Relevant discussion may be found on the 1127: 1119: 1067:United States Department of the Treasury 5992:Parkinson, John R. and Miller, Sunlen. 5141:US borrowing tops 100% of GDP: Treasury 3351:. Standard & Poor's. April 18, 2011 2933:"Get the Facts: Raising the Debt Limit" 2638: 403: 49: 6486:"Understanding the Federal Debt Limit" 6313:: CS1 maint: archived copy as title ( 6306: 5881:: CS1 maint: archived copy as title ( 5874: 5835:: CS1 maint: archived copy as title ( 5828: 5561:Shearer, Geoffrey (November 4, 2010). 5538:Spetalnick, Matt (February 12, 2010). 5445:"G-7 finance chiefs to discuss crisis" 3579:Spetalnick, Matt (February 12, 2010). 3482:"When Interest Rates Turn Upside Down" 2608:2023 United States debt-ceiling crisis 2603:2013 United States debt-ceiling crisis 1930:A similar crisis was faced during the 1406:, or bond, money market, and balanced 5615:"Creating Jobs – A Pledge to America" 5332:World reacts to U.S. credit downgrade 4754:Steinglass, Matthew (June 30, 2011). 3509:"Breaking the negative feedback loop" 3370:Brandimarte, Walter (July 28, 2011). 3292:from the original on February 6, 2017 3070:"CBO's 2011 Long-Term Budget Outlook" 2716:Debt Ceiling: No Chance of US default 2342:January 6, April 4, and May 2, 2011: 2177:Federal Deposit Insurance Corporation 2128:that was precipitated in part by the 1867:public sympathy: those who purchased 1834:, professor of Constitutional Law at 979:reached a crisis centered on raising 7: 6256:Bendavid, Naftali (August 1, 2011). 6197:Memoli, Michael A. (July 29, 2011). 6082:"Senate rejects 'Cut, Cap, Balance'" 5514:"U.S. National Debt Tops Debt Limit" 4502:"3 ways Obama could bypass Congress" 3469:"The Liquidation of Government Debt" 3288:(Press release). February 18, 2010. 2181:National Credit Union Administration 1974:Congressional Joint Select Committee 6382:Montopoli, Brian (August 2, 2011). 5512:Knoller, Mark (December 16, 2009). 5160:Australian Broadcasting Corporation 4544:Gorenstein, Peter (July 25, 2011). 4115:Schroeder, Peter (April 15, 2011). 3699:Rachelle Younglai (July 26, 2011). 3449:Saint Louis Federal Reserve (2012) 3100:Desjardins, Lisa (March 29, 2012). 2827:Epstein, Jennifer (July 18, 2011). 2312:February 18, 2010: Obama issued an 2228:in Washington as playing a game of 1512:In January 2011 Treasury Secretary 555:44th President of the United States 6328:Berman, Russell (August 1, 2011). 6122:"House Committee on Rules – Bills" 6035:. En.wikisource.org. July 12, 2011 5376:"World reacts to U.S. debt crisis" 4775:"Snatching the Power of the Purse" 4713:Zeitlin, Matthew (June 24, 2011). 4332:. Talkradionews.com. July 27, 2011 4143:Meredith Shiner (April 14, 2011). 3988:Calmes, Jackie (January 6, 2011). 3891:. Thomas.loc.gov. January 26, 2011 3866:Timothy Geithner (June 29, 2011). 3847:(Press release). Demint.senate.gov 3666:Government Accountability Office, 3396:Schroeder, Peter (July 28, 2011). 3081:Leonhardt, David (June 10, 2009). 2729:Stephanie Condon (July 27, 2011). 2682:. Government Accountability Office 1656:, and prominent investors such as 25: 6258:"Obama, Congress Reach Debt Deal" 5952:from the original on July 7, 2012 5355:Jenkins, Sally (August 3, 2011). 5269:Detrixhe, John (August 6, 2011). 4934:DeFrank, Thomas (July 31, 2011). 4424:"Scheme, stonewall and fulminate" 4024:"Our Salutary Debt-Ceiling Scare" 3843:Washington, D.C. (May 26, 2011). 3537:U.S. Treasury (January 31, 2012) 3424:Leonhardt, David (May 11, 2010). 2876:Timothy Geitner (June 28, 2011). 2829:"Moody's: Abolish the debt limit" 1436:2011 United States federal budget 6057:. Thomas.loc.gov. Archived from 6009:. Thomas.loc.gov. Archived from 5918:Cowan, Richard; Sullivan, Andy. 5781:Khan, Huma (February 15, 2011). 5104:. August 4, 2011. Archived from 5048:"Senate passes debt deal, 74–26" 4862:A History of the Federal Reserve 4500:Jack M. Balkin (July 28, 2011). 4354:Sahadi, Jeanne (June 30, 2011). 4264:Cohn, Alicia M. (July 7, 2011). 3746:Sahadi, Jeanne (July 14, 2011). 3680:Damian Paletta (July 27, 2011). 3522:Matthew Yglesias (May 30, 2012) 3507:Lawrence Summers (June 3, 2012) 3148:Berman, Russell (July 5, 2010). 2980:Sahadi, Jeanne (July 14, 2011). 2906:Damian Paletta (July 28, 2011). 2782:Government Accountability Office 2427:, and other leaders of Congress. 2259:around the world, threatening a 1806:, a former adviser to President 1427:Resort to extraordinary measures 1273: 1229:Government Accountability Office 1185:Government Accountability Office 1051:Government Accountability Office 983:, leading to the passage of the 928: 922: 408: 66: 61: 3718:Sarlin, Benjy (June 22, 2011). 3257:. CBS MoneyWatch. July 27, 2011 2850:Sahadi, Jeanne (May 18, 2011). 2390:debt issuance suspension period 2375:Republican 2012 budget proposal 2325:United States midterm elections 1140:) and black lines indicate the 998:in January 2011, demanded that 5374:Cookon, John (July 29, 2011). 5316:S&P Sovereigns Rating List 5046:Frank Thorp (August 2, 2011). 4691:"A Ceiling We Can't Wish Away" 4523:Hess, Steven (July 18, 2011). 3524:"Why Are We Collecting Taxes?" 3480:David Wessel (August 8, 2012) 2878:"Letter to the Hon Jim DeMint" 2799:Lowrey, Annie (May 16, 2011). 2588:European sovereign debt crisis 1384:European sovereign debt crisis 1032:European sovereign-debt crisis 994:, which gained control of the 320:2023 Removal of Kevin McCarthy 1: 6553:United States federal budgets 6223:Susan Davis (July 30, 2011). 6080:Wong, Scott (July 22, 2011). 5762:. ABC News. February 14, 2011 5709:US Department of the Treasury 5683:US Department of the Treasury 5668:December 3, 2010. FoxNews.com 5288:Josh Boak (August 12, 2011). 5102:US Department of the Treasury 4791:US Department of the Treasury 4399:Foley, Elise (May 31, 2011). 4208:Quinn Bowman (July 7, 2011). 3796:US Department of the Treasury 3646:US Department of the Treasury 3613:US Department of the Treasury 3183:. Australia. November 4, 2010 3129:. Deseret News. March 7, 2009 2937:US Department of the Treasury 2885:US Department of the Treasury 2402:May 24, 2011: Vice President 1621:Opposed to any major cuts to 1142:Total Public Debt Outstanding 712:Selma 50th anniversary speech 18:2011 U.S. debt ceiling crisis 6543:Economy of the United States 4566:Grim, Ryan (June 30, 2011). 3670:, GAO-11-203, February 2011. 2538:Dow Jones Industrial Average 2307:111th United States Congress 2224:characterized the political 2130:United States housing bubble 2029:The agreement, entitled the 1972:The agreement established a 1396:negative real interest rates 1390:Negative real interest rates 971:about the appropriate level 524:Illinois State Senate tenure 5974:. MarketWatch. May 31, 2011 4380:. MarketWatch. May 31, 2011 2049:International Monetary Fund 2001:Balanced Budget Act of 1997 1709:of default. As reported by 1459:The August 2, 2011 deadline 1340:Congressional Budget Office 27:Debt-ceiling crisis in 2011 6574: 6558:Presidency of Barack Obama 6465:September 8, 2013, at the 5050:. NBC News. Archived from 5002:. ABC News. August 2, 2011 2598:2007–2008 financial crisis 2583:Budget Control Act of 2011 2485:Budget Control Act of 2011 2352:January 25, 2011: Senator 2290: 2154:United States fiscal cliff 2134:mortgage-backed securities 2031:Budget Control Act of 2011 1952:Budget Control Act of 2011 1949: 1906: 1330: 1197:American Revolutionary War 1169:Department of the Treasury 1156: 1028:2007–2008 financial crisis 985:Budget Control Act of 2011 645:Killing of Osama bin Laden 233:2007–2008 financial crisis 6538:2011 in the United States 6340:News World Communications 5617:. GOP.gov. Archived from 5591:. GOP.gov. Archived from 5027:. Fox News. April 7, 2010 4828:January 10, 2013, at the 3231:. GOP.gov. Archived from 3205:. GOP.gov. Archived from 2961:. Fox News. April 7, 2010 2665:January 20, 2013, at the 2450:Balanced Budget Amendment 2344:Secretary of the Treasury 2318:Bowles-Simpson Commission 2171:on the same day from the 2149:tax cuts of 2001 and 2003 2008:Balanced Budget Amendment 1932:Eisenhower Administration 1780:Amendment XIV, Section 5. 1765:Amendment XIV, Section 4. 1575:Balanced Budget Amendment 1367:Bowles-Simpson Commission 1201:Articles of Confederation 977:national debt and deficit 498:Non-profit organizations 264:2013 budget sequestration 169:Bowles–Simpson Commission 6438:. Reuters. July 27, 2011 5996:June 23, 2011. ABC News. 2704:By Annie Lowrey at Slate 2442:Cut, Cap and Balance Act 2006:Congress must vote on a 1739:Civil War Reconstruction 1282:This article or section 1106:constitutional amendment 1055:Bipartisan Policy Center 996:House of Representatives 841:Supreme Court candidates 707:Sanctions against Russia 670:2013 debt-ceiling crisis 650:2011 debt-ceiling crisis 529:2004 DNC keynote address 417:This article is part of 225:Subprime mortgage crisis 54:United States of America 37:This article is part of 6262:The Wall Street Journal 4860:Meltzer, Allan (2010). 4484:The Wall Street Journal 4240:The Wall Street Journal 3872:The Wall Street Journal 3686:The Wall Street Journal 2912:The Wall Street Journal 2887:. Secretary of Treasury 2542:New York Stock Exchange 2524:August 9, 2011. The US 2250:global reserve currency 2222:international community 2204:Senate Minority Leader 1359:2010 mid-term elections 1134:Debt Held by the Public 5935:May 24, 2011. Reuters. 5922:May 18, 2011. Reuters. 2558:rating agency and the 2462:Senate Majority Leader 2368:2011 US federal budget 2216:International reaction 2199:Congressional reaction 2173:Federal Reserve System 2109: 1961: 1683:, and Representatives 1554: 1451:and the G Fund of the 1348:gross domestic product 1149: 1125: 975:and its effect on the 973:of government spending 969:United States Congress 853:Presidential campaigns 660:Afghanistan withdrawal 213:Social Security debate 52:Budget and debt in the 6481:. CNN. July 29, 2011. 6146:. AFP. Archived from 6061:on September 28, 2014 5948:. CNN. May 25, 2011. 5378:. CNN. Archived from 5217:Standard & Poor's 4656:Katrina vanden Heuvel 4212:. PBS. Archived from 2784:(February 22, 2011). 2518:Standard & Poor's 2408:House Majority Leader 2265:international markets 2077: 1959: 1889:University of Montana 1826:Katrina vanden Heuvel 1755:Article I, Section 8. 1602:Federal Reserve Banks 1588:(One representative, 1580:No tax increases but 1552: 1375:Standard & Poor's 1286:synthesis of material 1131: 1123: 1036:Standard & Poor's 620:Russia nuclear treaty 472:Dreams from My Father 448:Early life and career 361:Continuing resolution 6237:on February 16, 2012 6102:. CNN. July 26, 2011 5896:AP (April 7, 2010). 5463:www.politicususa.com 5382:on November 12, 2020 5111:on November 18, 2018 5078:The Washington Times 5054:on November 23, 2011 3772:. CNN. July 17, 2011 3560:on December 21, 2010 3011:. CNN. July 31, 2011 2422:Speaker of the House 2415:Senate Minority Whip 2071:(103 percent). 2063:(134 percent), 2059:(137 percent), 2055:(152 percent), 1920:trillion-dollar coin 1909:Trillion-dollar coin 1869:credit default swaps 1728:Fourteenth Amendment 1545:Proposed resolutions 1420:financial repression 1215:, seven times under 1211:, eight times under 692:Tan suit controversy 595:Presidential library 479:The Audacity of Hope 271:Government shutdowns 6150:on January 31, 2013 6013:on October 30, 2012 5469:on January 10, 2012 5361:The Washington Post 4665:The Washington Post 4573:The Huffington Post 4530:The Washington Post 4447:Talking Points Memo 4406:The Huffington Post 4305:The Huffington Post 4172:The Huffington Post 4054:The Huffington Post 4020:Charles Krauthammer 3725:Talking Points Memo 3485:Wall Street Journal 2548:Wall Street Journal 2530:quantitative easing 2483:July 29, 2011: The 2413:and the Republican 2383:Standard & Poor 2278:Political aftermath 1712:The Washington Post 1584:could be considered 1494:Douglas Holtz-Eakin 1453:Thrift Savings Plan 630:Affordable Care Act 351:Balance of payments 240:Debt-ceiling crises 163:Contemporary issues 5248:The New York Times 4961:The New York Times 4893:on October 7, 2011 4696:The New York Times 4629:(April 29, 2011). 3994:The New York Times 3920:. January 25, 2011 3824:. February 2, 2011 3494:2013-01-20 at the 3430:The New York Times 3326:. January 28, 2011 3235:on August 12, 2011 3203:"Cutting Spending" 3087:The New York Times 3037:on October 7, 2011 2702:It's Not "Default" 2566:Jefferies & Co 2261:stock market crash 2257:stock market index 2246:Xinhua News Agency 2110: 1962: 1873:Matthew Steinglass 1836:Harvard Law School 1810:and columnist for 1747:power of the purse 1598:gross federal debt 1555: 1355:Tea Party movement 1296:to the main topic. 1290:verifiably mention 1284:possibly contains 1165:appropriation bill 1150: 1126: 1102:Tea Party movement 675:Anti-ISIL campaign 655:Libya intervention 534:U.S. Senate tenure 507:One America Appeal 98:Financial position 6295:on August 3, 2011 6203:Los Angeles Times 6124:. Rules.house.gov 5685:. January 6, 2011 5447:. August 6, 2011. 5345:. August 5, 2011. 5081:. August 3, 2011. 4985:Los Angeles Times 4871:978-0-226-52001-8 4611:(June 30, 2011). 4478:(June 29, 2011). 4298:(July 27, 2011). 3916:(Press release). 3820:(Press release). 3798:. January 6, 2011 3302:National Archives 2628:Sovereign default 2570:sovereign default 2272:finance ministers 2108: 2107: 1373:Throughout 2011, 1329: 1328: 1321: 1146:gross public debt 1086:financial markets 1082:sovereign default 965: 964: 697:Iran nuclear deal 625:Nobel Peace Prize 434: 433: 399: 398: 208:Political debates 203:Healthcare reform 193:Deficit reduction 16:(Redirected from 6565: 6524: 6512: 6510: 6501: 6499: 6497: 6492:on July 27, 2011 6448: 6447: 6445: 6443: 6432: 6426: 6425: 6423: 6421: 6402: 6396: 6395: 6393: 6391: 6379: 6373: 6372: 6370: 6368: 6363:. August 2, 2011 6357: 6351: 6350: 6348: 6346: 6325: 6319: 6318: 6312: 6304: 6302: 6300: 6294: 6288:. Archived from 6287: 6279: 6273: 6272: 6270: 6268: 6253: 6247: 6246: 6244: 6242: 6233:. 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January 2013. 6515: 6508: 6504: 6495: 6493: 6484: 6467:Wayback Machine 6456: 6451: 6441: 6439: 6434: 6433: 6429: 6419: 6417: 6404: 6403: 6399: 6389: 6387: 6381: 6380: 6376: 6366: 6364: 6359: 6358: 6354: 6344: 6342: 6327: 6326: 6322: 6305: 6298: 6296: 6292: 6285: 6283:"Archived copy" 6281: 6280: 6276: 6266: 6264: 6255: 6254: 6250: 6240: 6238: 6222: 6221: 6217: 6207: 6205: 6196: 6195: 6191: 6181: 6179: 6168: 6167: 6163: 6153: 6151: 6142: 6141: 6137: 6127: 6125: 6120: 6119: 6115: 6105: 6103: 6098: 6097: 6093: 6079: 6078: 6074: 6064: 6062: 6053: 6052: 6048: 6038: 6036: 6031: 6030: 6026: 6016: 6014: 6005: 6004: 6000: 5991: 5987: 5977: 5975: 5970: 5969: 5965: 5955: 5953: 5944: 5943: 5939: 5931:Bull, Alister. 5930: 5926: 5917: 5913: 5903: 5901: 5895: 5894: 5890: 5873: 5866: 5864: 5860: 5853: 5851:"Archived copy" 5849: 5848: 5844: 5827: 5820: 5818: 5814: 5807: 5805:"Archived copy" 5803: 5802: 5798: 5788: 5786: 5780: 5779: 5775: 5765: 5763: 5758: 5757: 5753: 5743: 5741: 5729: 5728: 5724: 5714: 5712: 5703: 5702: 5698: 5688: 5686: 5677: 5676: 5672: 5664: 5660: 5650: 5648: 5639: 5638: 5634: 5624: 5622: 5613: 5612: 5608: 5598: 5596: 5587: 5586: 5582: 5572: 5570: 5560: 5559: 5555: 5545: 5543: 5537: 5536: 5532: 5522: 5520: 5511: 5510: 5503: 5493: 5491: 5487: 5486: 5482: 5472: 5470: 5457:Easley, Jason. 5456: 5455: 5451: 5443: 5439: 5432: 5428: 5421: 5417: 5410: 5406: 5399: 5395: 5385: 5383: 5373: 5372: 5368: 5354: 5353: 5349: 5341: 5337: 5330: 5321: 5314: 5310: 5300: 5298: 5287: 5286: 5282: 5268: 5267: 5263: 5253: 5251: 5240: 5239: 5232: 5222: 5220: 5212: 5208: 5207: 5200: 5190: 5188: 5180: 5179: 5175: 5165: 5163: 5152: 5151: 5147: 5139: 5135: 5128: 5124: 5114: 5112: 5108: 5097: 5093: 5092: 5085: 5071: 5067: 5057: 5055: 5045: 5044: 5040: 5030: 5028: 5023: 5022: 5015: 5005: 5003: 4998: 4997: 4993: 4977: 4976: 4969: 4954: 4953: 4949: 4933: 4932: 4928: 4918: 4916: 4911: 4910: 4906: 4896: 4894: 4884: 4883: 4879: 4872: 4859: 4858: 4854: 4844:, Anne Lowrey, 4840: 4836: 4830:Wayback Machine 4821: 4817: 4810: 4806: 4796: 4794: 4785: 4784: 4780: 4773: 4769: 4753: 4752: 4748: 4733: 4732: 4728: 4712: 4711: 4704: 4685: 4684: 4680: 4670: 4668: 4654: 4653: 4649: 4639: 4637: 4625: 4624: 4620: 4607: 4606: 4602: 4595: 4588: 4578: 4576: 4565: 4564: 4557: 4543: 4542: 4538: 4522: 4521: 4517: 4507: 4505: 4499: 4498: 4491: 4474: 4473: 4469: 4460: 4459: 4455: 4440: 4439: 4435: 4422: 4421: 4414: 4398: 4397: 4393: 4383: 4381: 4376: 4375: 4371: 4361: 4359: 4353: 4352: 4345: 4335: 4333: 4328: 4327: 4320: 4310: 4308: 4294: 4293: 4286: 4276: 4274: 4263: 4262: 4255: 4245: 4243: 4242:. July 28, 2011 4234: 4233: 4229: 4219: 4217: 4207: 4206: 4202: 4197:. May 10, 2011. 4193: 4192: 4188: 4178: 4176: 4175:. July 13, 2011 4165: 4164: 4160: 4150: 4148: 4142: 4141: 4137: 4127: 4125: 4114: 4113: 4109: 4102: 4098: 4088: 4086: 4075: 4074: 4070: 4060: 4058: 4047: 4046: 4042: 4032: 4030: 4028:National Review 4018: 4017: 4008: 3998: 3996: 3987: 3986: 3982: 3973: 3972: 3968: 3959: 3958: 3954: 3944: 3942: 3938: 3937: 3933: 3923: 3921: 3912: 3911: 3904: 3894: 3892: 3887: 3886: 3879: 3865: 3864: 3860: 3850: 3848: 3842: 3841: 3837: 3827: 3825: 3816: 3815: 3811: 3801: 3799: 3790: 3789: 3785: 3775: 3773: 3768: 3767: 3763: 3753: 3751: 3745: 3744: 3740: 3730: 3728: 3717: 3716: 3712: 3698: 3697: 3693: 3679: 3678: 3674: 3665: 3661: 3651: 3649: 3640: 3639: 3628: 3618: 3616: 3615:. April 4, 2011 3607: 3606: 3599: 3589: 3587: 3578: 3577: 3573: 3563: 3561: 3552: 3551: 3544: 3536: 3532: 3521: 3517: 3506: 3502: 3496:Wayback Machine 3479: 3475: 3466: 3457: 3448: 3444: 3434: 3432: 3423: 3422: 3418: 3408: 3406: 3395: 3394: 3390: 3380: 3378: 3369: 3368: 3364: 3354: 3352: 3347: 3346: 3339: 3329: 3327: 3314: 3313: 3309: 3295: 3293: 3278: 3277: 3270: 3260: 3258: 3253: 3252: 3248: 3238: 3236: 3229:"Creating Jobs" 3227: 3226: 3222: 3212: 3210: 3201: 3200: 3196: 3186: 3184: 3175: 3174: 3170: 3160: 3158: 3147: 3146: 3142: 3132: 3130: 3125: 3124: 3120: 3110: 3108: 3099: 3098: 3094: 3080: 3079: 3075: 3068: 3061: 3054: 3050: 3040: 3038: 3029: 3028: 3024: 3014: 3012: 3007: 3006: 2997: 2987: 2985: 2979: 2978: 2974: 2964: 2962: 2957: 2956: 2952: 2942: 2940: 2939:. July 20, 2011 2931: 2930: 2926: 2916: 2914: 2905: 2904: 2900: 2890: 2888: 2880: 2875: 2874: 2867: 2857: 2855: 2849: 2848: 2844: 2834: 2832: 2826: 2825: 2821: 2811: 2809: 2798: 2797: 2793: 2780: 2779: 2775: 2765: 2763: 2762:. July 25, 2011 2754: 2753: 2746: 2736: 2734: 2728: 2727: 2723: 2713: 2709: 2699: 2695: 2685: 2683: 2678: 2677: 2673: 2667:Wayback Machine 2657: 2653: 2644: 2640: 2636: 2579: 2526:Federal Reserve 2314:Executive Order 2295: 2289: 2280: 2218: 2206:Mitch McConnell 2201: 2126:Great Recession 2044: 2039: 1954: 1948: 1928: 1926:Monetizing gold 1911: 1905: 1730: 1725: 1703:Yale Law School 1699:First Amendment 1638:Executive Order 1623:Social Security 1594:Federal Reserve 1547: 1490: 1477:capital markets 1461: 1429: 1392: 1335: 1325: 1314: 1308: 1305: 1298: 1288:which does not 1278: 1274: 1267: 1242:Social Security 1161: 1155: 1138:net public debt 1118: 1110:balanced budget 1063: 1000:President Obama 961: 929: 927: 920: 919: 918: 885:Obama coalition 855: 849: 848: 847: 811: 807: 806: 805: 729: 723: 722: 721: 717:Paris Agreement 665:Benghazi attack 640:Iraq withdrawal 605: 601: 600: 599: 556: 552: 551: 550: 544:sponsored bills 519: 515: 514: 513: 494:Summer playlist 486:A Promised Land 443: 439: 425: 423: 422: 421: 418: 416: 395: 366: 365: 334: 326: 325: 324: 314:Related events 312: 261: 230: 229: 164: 156: 155: 151:Social Security 146:Social programs 136: 128: 127: 103:Military budget 78: 53: 51: 39: 36: 28: 23: 22: 15: 12: 11: 5: 6571: 6569: 6561: 6560: 6555: 6550: 6545: 6540: 6530: 6529: 6526: 6525: 6513: 6502: 6482: 6476: 6470: 6455: 6454:External links 6452: 6450: 6449: 6427: 6416:. June 8, 2011 6397: 6374: 6352: 6320: 6274: 6248: 6215: 6189: 6161: 6135: 6113: 6091: 6072: 6046: 6024: 5998: 5985: 5963: 5937: 5924: 5911: 5888: 5842: 5796: 5773: 5751: 5722: 5696: 5670: 5658: 5632: 5606: 5580: 5553: 5530: 5501: 5480: 5449: 5437: 5426: 5415: 5404: 5393: 5366: 5347: 5335: 5319: 5308: 5280: 5261: 5230: 5198: 5173: 5145: 5133: 5122: 5083: 5065: 5038: 5013: 4991: 4967: 4947: 4926: 4904: 4877: 4870: 4852: 4834: 4815: 4804: 4793:. July 8, 2011 4778: 4767: 4746: 4726: 4702: 4687:Laurence Tribe 4678: 4647: 4627:Bruce Bartlett 4618: 4600: 4586: 4555: 4536: 4515: 4489: 4467: 4453: 4433: 4412: 4391: 4369: 4343: 4318: 4284: 4253: 4227: 4200: 4186: 4158: 4135: 4107: 4096: 4085:. July 2, 2011 4068: 4057:. July 7, 2011 4040: 4006: 3980: 3966: 3952: 3931: 3902: 3877: 3858: 3835: 3809: 3783: 3761: 3738: 3710: 3691: 3672: 3659: 3648:. May 16, 2011 3626: 3597: 3571: 3542: 3530: 3515: 3500: 3473: 3455: 3442: 3416: 3388: 3362: 3337: 3307: 3285:whitehouse.gov 3268: 3246: 3220: 3194: 3168: 3140: 3118: 3092: 3073: 3059: 3048: 3022: 2995: 2972: 2950: 2924: 2898: 2865: 2842: 2819: 2791: 2773: 2744: 2721: 2707: 2693: 2671: 2651: 2637: 2635: 2632: 2631: 2630: 2625: 2620: 2615: 2610: 2605: 2600: 2595: 2590: 2585: 2578: 2575: 2574: 2573: 2563:primary dealer 2552: 2522: 2514: 2511: 2508: 2504: 2501: 2494: 2491: 2481: 2478: 2471: 2468: 2454: 2438: 2435: 2431: 2428: 2400: 2393: 2386: 2379: 2371: 2364: 2360: 2357: 2350: 2340: 2336: 2329:112th Congress 2321: 2310: 2303: 2288: 2285: 2279: 2276: 2217: 2214: 2210: 2209: 2200: 2197: 2106: 2105: 2102: 2099: 2096: 2093: 2090: 2087: 2084: 2043: 2040: 2038: 2035: 2023: 2022: 2021: 2020: 2017: 2011: 2004: 1992: 1981: 1970: 1950:Main article: 1947: 1944: 1927: 1924: 1904: 1901: 1900: 1899: 1896:George Madison 1892: 1885: 1880: 1879: 1878: 1877: 1864: 1860: 1840: 1839: 1832:Laurence Tribe 1829: 1817: 1804:Bruce Bartlett 1801: 1790: 1789: 1785: 1784: 1775: 1774: 1760: 1759: 1729: 1726: 1724: 1721: 1662:liquidity trap 1634: 1633: 1619: 1616: 1612: 1586: 1585: 1578: 1571: 1568: 1565: 1546: 1543: 1489: 1486: 1460: 1457: 1428: 1425: 1400:inflation rate 1391: 1388: 1327: 1326: 1281: 1279: 1272: 1266: 1263: 1217:George W. Bush 1199:and under the 1154: 1151: 1117: 1114: 1062: 1059: 1021:crisis in 2013 963: 962: 960: 959: 952: 945: 937: 934: 933: 921: 917: 916: 915: 914: 909: 904: 899: 889: 888: 887: 882: 877: 872: 867: 856: 851: 850: 846: 845: 844: 843: 838: 833: 828: 818: 812: 809: 808: 804: 803: 798: 793: 788: 783: 778: 777: 776: 774:Obama Doctrine 771: 766: 761: 756: 751: 744:Foreign policy 741: 736: 730: 725: 724: 720: 719: 714: 709: 704: 699: 694: 689: 688: 687: 682: 672: 667: 662: 657: 652: 647: 642: 637: 632: 627: 622: 617: 612: 610:First 100 days 606: 603: 602: 598: 597: 592: 591: 590: 580: 575: 570: 569: 568: 557: 554: 553: 549: 548: 547: 546: 541: 531: 526: 520: 517: 516: 512: 511: 510: 509: 504: 496: 491: 490: 489: 482: 475: 465: 460: 455: 450: 444: 441: 440: 436: 435: 432: 431: 419:a series about 415: 413: 397: 396: 394: 393: 386: 379: 371: 368: 367: 364: 363: 358: 353: 335: 332: 331: 328: 327: 323: 322: 316: 311: 310: 309: 308: 303: 298: 293: 288: 283: 278: 267: 260: 259: 258: 257: 252: 247: 236: 228: 227: 222: 215: 210: 205: 200: 195: 190: 189: 188: 178: 172: 166: 165: 162: 161: 158: 157: 154: 153: 148: 143: 137: 134: 133: 130: 129: 126: 125: 123:Gov't spending 120: 115: 110: 105: 100: 95: 93:Federal budget 90: 85: 79: 76: 75: 72: 71: 58: 57: 47: 46: 26: 24: 14: 13: 10: 9: 6: 4: 3: 2: 6570: 6559: 6556: 6554: 6551: 6549: 6546: 6544: 6541: 6539: 6536: 6535: 6533: 6522: 6518: 6514: 6507: 6503: 6491: 6487: 6483: 6480: 6477: 6474: 6471: 6468: 6464: 6461: 6458: 6457: 6453: 6437: 6431: 6428: 6415: 6414:Newsmax Media 6411: 6407: 6401: 6398: 6385: 6378: 6375: 6362: 6356: 6353: 6341: 6337: 6336: 6331: 6324: 6321: 6316: 6310: 6291: 6284: 6278: 6275: 6263: 6259: 6252: 6249: 6236: 6232: 6231: 6226: 6219: 6216: 6204: 6200: 6193: 6190: 6178: 6177: 6172: 6169:Russell, By. 6165: 6162: 6149: 6145: 6139: 6136: 6123: 6117: 6114: 6101: 6095: 6092: 6087: 6083: 6076: 6073: 6060: 6056: 6050: 6047: 6034: 6028: 6025: 6012: 6008: 6002: 5999: 5995: 5989: 5986: 5973: 5967: 5964: 5951: 5947: 5941: 5938: 5934: 5928: 5925: 5921: 5915: 5912: 5899: 5892: 5889: 5884: 5878: 5859: 5852: 5846: 5843: 5838: 5832: 5813: 5806: 5800: 5797: 5784: 5777: 5774: 5761: 5755: 5752: 5740: 5739:Newsmax Media 5736: 5732: 5726: 5723: 5711:. May 2, 2011 5710: 5706: 5700: 5697: 5684: 5680: 5674: 5671: 5667: 5662: 5659: 5646: 5642: 5636: 5633: 5620: 5616: 5610: 5607: 5594: 5590: 5584: 5581: 5568: 5564: 5557: 5554: 5541: 5534: 5531: 5519: 5515: 5508: 5506: 5502: 5490: 5484: 5481: 5468: 5464: 5460: 5453: 5450: 5446: 5441: 5438: 5435: 5430: 5427: 5424: 5419: 5416: 5413: 5408: 5405: 5402: 5397: 5394: 5381: 5377: 5370: 5367: 5362: 5358: 5351: 5348: 5344: 5339: 5336: 5333: 5328: 5326: 5324: 5320: 5317: 5312: 5309: 5297: 5296: 5291: 5284: 5281: 5276: 5272: 5265: 5262: 5250: 5249: 5244: 5237: 5235: 5231: 5218: 5211: 5205: 5203: 5199: 5187: 5183: 5177: 5174: 5162: 5161: 5156: 5149: 5146: 5142: 5137: 5134: 5131: 5126: 5123: 5107: 5103: 5096: 5090: 5088: 5084: 5080: 5079: 5074: 5069: 5066: 5053: 5049: 5042: 5039: 5026: 5020: 5018: 5014: 5001: 4995: 4992: 4987: 4986: 4981: 4974: 4972: 4968: 4963: 4962: 4957: 4951: 4948: 4943: 4942: 4937: 4930: 4927: 4914: 4908: 4905: 4892: 4888: 4881: 4878: 4873: 4867: 4863: 4856: 4853: 4849: 4848: 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