Arbeitspapier
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.
- Language
-
Englisch
- Bibliographic citation
-
Series: Staff Report ; No. 783
- Classification
-
Wirtschaft
Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems
National Debt; Debt Management; Sovereign Debt
Economic History: Financial Markets and Institutions: U.S.; Canada: 1913-
- Subject
-
debt ceiling
monetization of gold
U.S. Treasury
- Event
-
Geistige Schöpfung
- (who)
-
Garbade, Kenneth D.
- Event
-
Veröffentlichung
- (who)
-
Federal Reserve Bank of New York
- (where)
-
New York, NY
- (when)
-
2016
- Handle
- Last update
-
10.03.2025, 11:45 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Garbade, Kenneth D.
- Federal Reserve Bank of New York
Time of origin
- 2016
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