Search results
Results from the WOW.Com Content Network
According to the text of the debt ceiling law, if the debt ceiling is not raised and extraordinary measures are exhausted, the U.S. government is legally unable to borrow money to pay its financial obligations. At that point, the law indicates that the government must cease making payments unless the treasury has cash on hand to cover them.
Congress can borrow money on the credit of the United States, regulate commerce with foreign nations and among the states, and coin money. [83] Generally, the Senate and the House of Representatives have equal legislative authority, although only the House may originate revenue and appropriation bills. [4]
2. To borrow money on the credit of the United States; 3. To regulate commerce with foreign nations, and among the several states, and with the Native American tribes; 4. To establish a uniform rule of naturalization, and uniform laws on the subject of bankruptcies throughout the United States;
You may have heard that Social Security is facing financial trouble because Congress and presidents raided the trust funds and wondered how such a thing could be allowed to happen. Don't miss
News flash: Congress didn't steal a red cent from Social Security.
Congress has the power to borrow money on the credit of the United States. In 1871, when deciding Knox v. Lee, the Court ruled that this clause permitted Congress to emit bills and make them legal tender in satisfaction of debts. Whenever Congress borrows money, it is obligated to repay the sum as stipulated in the original agreement.
Since 1917, Congress has set a limit on the amount of money the federal government is allowed to borrow. Federal spending and the borrowing that finances some of it normally rise over time, so ...
The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States; To borrow on the credit of the United States;