The first debt ceiling crisis

Kenneth Garbade

No 783, Staff Reports from Federal Reserve Bank of New York

Abstract: In the second half of 1953 the United States, for the first time, risked exceeding the statutory limit on Treasury debt. This paper describes how Congress, the White House, and Treasury officials dealt with the looming crisis?by deferring and reducing expenditures, monetizing ?free? gold that remained from the devaluation of the dollar in 1934, and, ultimately, raising the debt ceiling.

Keywords: U.S. Treasury; monetization of gold; debt ceiling (search for similar items in EconPapers)
JEL-codes: E42 H63 N22 (search for similar items in EconPapers)
Pages: 13 pages
Date: 2016-06-01
New Economics Papers: this item is included in nep-his, nep-mac and nep-ure
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