How the Nation Resolved Its First Debt Ceiling Crisis

Kenneth Garbade

No 20130304, Liberty Street Economics 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. How did Congress, the White House, and Treasury officials deal with the looming crisis? As related in this post, they responded by deferring and reducing expenditures, by monetizing “free” gold that remained from the devaluation of the dollar in 1934, and ultimately by raising the debt ceiling.

Keywords: debt ceiling; gold monetization (search for similar items in EconPapers)
JEL-codes: G1 (search for similar items in EconPapers)
Date: 2013-03-04
New Economics Papers: this item is included in nep-his
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