Jacobin
•72% Informative
Congress US n pass laws directing the president to spend a certain amoun Congress ey without passing laws to finance that spending.
Before 1917, Congress financed all of the spending it mandated, including by authorizing each and every bond sale.
Now, Congress made it so that the president was always authorized to sell bonds in order to finance Congress nding that exceeded other revenue sources.
After 1917, bond sales became the residual funding mechanism used to ensure that the following equation was always in balance.
But when the total face value of the bonds outstanding hits a certain dollar amount, currently $31.4 trillion, it is subject to a debt limit.
David Gergen: Liberal pundits say Obama ca Congress any of these approaches and has to strike a deal on raising the debt Congress Gergen says the Supreme Court would have to answer the question: What must the president do when Congress mandates an a Congress spending that exceeds the amount of authorized financing? He says the president 1917 d Congress egally raise taxes or sell off public assets to balance the equation, but so far nobody has advocate 1917 r Congress wbreaking approaches. America Biden zero three 0 one LightText__NxlGi">zero Biden the Supreme Court$31.4 trillion s="summaryFeed_highLightText__NxlGi">the Supreme Court Congress Department of Defense Congress >Biden Congress the United States Parcel Service ongress the Supreme Court Congress the Supreme Court the Federal Reserve ighLightText__NxlGi">the Sup Treasury rt Supreme Court Supreme Court Biden < Congress ss="summaryFeed_highLightText__NxlGi">the last week or so second the United States
VR Score
73
Informative language
70
Neutral language
37
Article tone
informal
Language
English
Language complexity
56
Offensive language
not offensive
Hate speech
not hateful
Attention-grabbing headline
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Known propaganda techniques
detected
Time-value
medium-lived
External references
4
Source diversity
4
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