Debt Payment Quotes



Note the candor with which the Congress provided the truth to Americans about the financial situation of the nation. Despite the national crises and emergency of the war, the Congress told the truth and did not treat the citizens as children from whom bad news must be withheld. At the time, each state and many individual banks had their own paper currency, these could be easily counterfeited and were done so by the British to collapse the American economy. Because of this early traumatic experience with paper money, the United States did not use it for another 70 years.


At the time, many conservatives were threatening not to increase the debt ceiling unless they could get their way on the budget negotiations which would come up later. The Congress had earlier actually committed to spend the amounts when they voted the appropriations that enabled the spending and increasing the debt. Most countries do not have this second stage in that there is nothing the Congress can possibly do to change get back the money that they already voted to be spent, and the process of raising the debt ceiling must be done else the “full faith and credit” of the United States.