In 1917, Congress was passing on every borrowing, so they would agree who we were going to borrow money from and on the interest rate. In 1917 what they said was, ``OK, from now on we are going to set a debt ceiling. You can continue to borrow as long as you are under that debt ceiling.'' But it has sort of become a way of life. Since 1940, we have increased the debt ceiling 77 times. The last time we did it, at $4.9 trillion, was in 1993. We are going to reach that $4.9 trillion in about 3 weeks from now.
Nick Smith: “In 1917, Congress was passing on every borrowing, so they would agree who we were going to borrow money from and on the…”
Editor's note · Context
Discussing the history and implications of the debt ceiling during a floor speech.
Share
More from Nick Smith
And, Mr. Speaker, of course the lobbyists that come in, they would prefer that it be mandatory spending; so some of these programs, if they can write it in law that if they meet certain qualifications, they automatically get it and it does…
It is a whole different 1-hour debate and discussion; but just, for example, one country, we have $100 billion deficit trade with China, and what does China do with that extra $100 billion? They probably invest it in our companies, or buy…
H. Con. Res. 409 resolves that Congress recognizes with humble gratitude the more than 16 million veterans who served in the United States Armed Forces during World War II and the Americans who supported the war effort on the home front…
The reason we are here is to make clear to the world that we are not going to have military conscription right now for active military duty. I introduced a bill last year, H.R. 3598, because I think we need to seriously discuss the…





