The first debt ceiling crisis

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.

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Year of publication:	2016
Authors:	Garbade, Kenneth D.
Publisher:	New York, NY : Federal Reserve Bank of New York
Subject:	debt ceiling \| monetization of gold \| U.S. Treasury

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Series:	Staff Report ; 783
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	862691109 [GVK] hdl:10419/146682 [Handle] RePEc:fip:fednsr:783 [RePEc]
Classification:	E42 - Monetary Systems; Standards; Regimes; Government and the Monetary System ; H63 - Debt; Debt Management ; N22 - U.S.; Canada: 1913-
Source:	EconStor

Persistent link: https://www.econbiz.de/10011538013