Over the past several years, it has become a something of a tradition for the Congress and President to claim that the federal government will not be able to pay its bills unless the debt ceiling is raised. In fact, the debt ceiling has been increased, or suspended, a total of seventy-nine times since 1940.
However, the United States government, which has had a national debt since it was created (with the exception of 1835) did not always have a debt ceiling, which should actually be called a money pit.
Prior to 1917, any debt accrued by the federal government would need to be specifically approved by the Congress. The initial debt ceiling, passed in the Second Liberty Bond Act, was set at $9.5 billion in Treasury bonds and $4 billion in one-year certificates. This removed some of the Congressional oversight from the Secretary of the Treasury.
Until 1939, when Congress created an overall aggregate limit on the national debt, increases in the national debt were simply amendments to the Second Liberty Bond Act.
The national debt now stands at approximately $17 trillion, with the debt ceiling being completely eliminated until March 2015.
So, why is the federal government so far in debt? see more…
Free Press Publications is pleased to announce that Darryl W. Perry began producing FPPRadioNews on Monday February 3, 2014. FPPRadioNews is a daily 5 minute radio newscast, being produced seven days per week, and is currently heard on several online radio networks and low power radio stations across the country. The broadcast quality newscast is available for download via RSS at http://news.FPPRadio.com
About FPP.cc: Free Press Publications is an independent alternative media and publishig company, founded in June 2009, with the mission of “ensuring a FREE PRESS for the FREEDOM MOVEMENT” and is committed to spreading the message of peace, freedom, love and liberty.
About FPPRadio: Since August 2011, Darryl has produced the FPP Freedom Minute, a weekly 5 minute news and commentary podcast; and since December 2012, has produced Peace, Love, Liberty Radio, a 2-hour weekly radio show originating on the Liberty Radio Network, in which Darryl and a guest share news, views and opinions while promoting the ideas of peaceful interaction.
[editor’s note: Chad Ginsburg forwarded this original piece of digital art he made. It’s fantastic and easily worth a thousand words, so we wanted to ask our readers: What is she so pissed about? Fire up your photoshoppies and post your answer in the comments or suggest something clever and I may just do it for you. – SV]
SOURCE FILE: lady-liberty-is-livid-chad-ginsburg.png (PNG / 1.9MB)
On Friday February 7th, President Obama signed a farm bill that has an estimated cost of $954.6 billion.
The President and other supporters claim the bill will reduce the deficit by $23 billion over the next ten years, though the National Taxpayers Union points out, “it is highly unlikely that taxpayers will reap any so-called ‘savings’ from the almost $1 trillion spending bill.” see more…