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History Of The United States Debt Ceiling
The history of the United States debt ceiling deals with movements in the United States debt ceiling since it was created in 1917. Management of the National debt of the United States, United States public debt is an important part of the macroeconomics of the United States economy and finance system, and the debt ceiling is a limitation on the federal government's ability to manage the economy and finance system. The debt ceiling is also a limitation on the federal government's ability to finance government operations, and the failure of Congress to authorise an increase in the debt ceiling has resulted in crises, especially in recent years. Overview A statutorily imposed debt ceiling has been in effect since 1917 when the US Congress passed the ''Second Liberty Bond Act''. Before 1917 there was no debt ceiling in force, but there were parliamentary procedural limitations on the amount of debt that could be issued by the government. Except for about a year during 1835–1836, th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
US Public Debt Ceiling 1981-2010
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territories, nine Minor Outlying Islands, and 326 Indian reservations. The United States is also in free association with three Pacific Island sovereign states: the Federated States of Micronesia, the Marshall Islands, and the Republic of Palau. It is the world's third-largest country by both land and total area. It shares land borders with Canada to its north and with Mexico to its south and has maritime borders with the Bahamas, Cuba, Russia, and other nations. With a population of over 333 million, it is the most populous country in the Americas and the third most populous in the world. The national capital of the United States is Washington, D.C. and its most populous city and principal financial center is New York City. Paleo-Ameri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Federal Government Shutdown Of 1995–96
United may refer to: Places * United, Pennsylvania, an unincorporated community * United, West Virginia, an unincorporated community Arts and entertainment Films * ''United'' (2003 film), a Norwegian film * ''United'' (2011 film), a BBC Two film Literature * ''United!'' (novel), a 1973 children's novel by Michael Hardcastle Music * United (band), Japanese thrash metal band formed in 1981 Albums * ''United'' (Commodores album), 1986 * ''United'' (Dream Evil album), 2006 * ''United'' (Marvin Gaye and Tammi Terrell album), 1967 * ''United'' (Marian Gold album), 1996 * ''United'' (Phoenix album), 2000 * ''United'' (Woody Shaw album), 1981 Songs * "United" (Judas Priest song), 1980 * "United" (Prince Ital Joe and Marky Mark song), 1994 * "United" (Robbie Williams song), 2000 * "United", a song by Danish duo Nik & Jay featuring Lisa Rowe Television * ''United'' (TV series), a 1990 BBC Two documentary series * ''United!'', a soap opera that aired on BBC One from 1965-1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Office Of Management And Budget
The Office of Management and Budget (OMB) is the largest office within the Executive Office of the President of the United States (EOP). OMB's most prominent function is to produce the president's budget, but it also examines agency programs, policies, and procedures to see whether they comply with the president's policies and coordinates inter-agency policy initiatives. Shalanda Young became OMB's acting director in March 2021, and was confirmed by the Senate in March 2022. History The Bureau of the Budget, OMB's predecessor, was established in 1921 as a part of the Department of the Treasury by the Budget and Accounting Act of 1921, which President Warren G. Harding signed into law. The Bureau of the Budget was moved to the Executive Office of the President in 1939 and was run by Harold D. Smith during the government's rapid expansion of spending during World War II. James L. Sundquist, a staffer at the Bureau of the Budget, called the relationship between the president a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Debt-ceiling Crisis Of 2013
The 2013 United States debt-ceiling crisis centered on the raising of the federal government debt ceiling, and is part of an ongoing political debate in the United States Congress about federal government spending and the national debt. The crisis began in January 2013, when the United States reached the debt ceiling of $16.394 trillion that had been enacted following the 2011 debt ceiling crisis. Members of the Republican Party in Congress opposed raising the debt ceiling, which had been routinely raised previously on a bipartisan basis without conditions, without additional spending cuts. They refused to raise the debt ceiling unless President Obama would have defunded the Affordable Care Act (Obamacare), his signature legislative achievement. The US Treasury began taking extraordinary measures to enable payments, and stated that it would delay payments if funds could not be raised through extraordinary measures, and the debt ceiling was not raised. During the crisis, appro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Suisse
Credit Suisse Group AG is a global investment bank and financial services firm founded and based in Switzerland. Headquartered in Zürich, it maintains offices in all major financial centers around the world and is one of the nine global " Bulge Bracket" banks providing services in investment banking, private banking, asset management, and shared services. It is known for strict bank–client confidentiality and banking secrecy. The Financial Stability Board considers it to be a global systemically important bank. Credit Suisse is also primary dealer and Forex counterparty of the Fed. Credit Suisse was founded in 1856 to fund the development of Switzerland's rail system. It issued loans that helped create Switzerland's electrical grid and the European rail system. In the 1900s, it began shifting to retail banking in response to the elevation of the middle class and competition from fellow Swiss banks UBS and Julius Bär. Credit Suisse partnered with First Bost ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jefferies Group
Jefferies Group LLC is an American multinational independent investment bank and financial services company that is headquartered in New York City. The firm provides clients with capital markets and financial advisory services, institutional brokerage, securities research, and asset management. This includes mergers and acquisitions, restructuring, and other financial advisory services. The Capital Markets segment also includes its securities trading (including the results of its indirectly partially owned subsidiary, Jefferies High Yield Trading, LLC) and investment banking activities. On November 12, 2012, Jefferies announced its merger with Leucadia National Corporation, its largest shareholder. At that time, Leucadia common shares were trading at $21.14 per share. As of December 31, 2015, Leucadia shares were trading at $17.39 per share. Jefferies remains independent and is the largest operating company within the Jefferies Financial Group, as Leucadia was renamed in May 20 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Freddie Mac
The Federal Home Loan Mortgage Corporation (FHLMC), commonly known as Freddie Mac, is a publicly traded, government-sponsored enterprise (GSE), headquartered in Tysons Corner, Virginia.Tysons Corner CDP, Virginia ". . Retrieved on May 7, 2009. The FHLMC was created in 1970 to expand the for |
Fannie Mae
The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, is a United States government-sponsored enterprise (GSE) and, since 1968, a publicly traded company. Founded in 1938 during the Great Depression as part of the New Deal, the corporation's purpose is to expand the secondary mortgage market by securitizing mortgage loans in the form of mortgage-backed securities (MBS), allowing lenders to reinvest their assets into more lending and in effect increasing the number of lenders in the mortgage market by reducing the reliance on locally based savings and loan associations (or "thrifts"). Its brother organization is the Federal Home Loan Mortgage Corporation (FHLMC), better known as Freddie Mac. In 2022, Fannie Mae was ranked number 33 on the ''Fortune'' 500 rankings of the largest United States corporations by total revenue. __TOC__ History Background and early decades Historically, most housing loans in the early 1900s in the United States we ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Budget Sequestration In 2013
The 2013 budget sequestration refers to the automatic spending cuts to United States federal government spending in particular categories of outlays that were initially set to begin on January 1, 2013, as a fiscal policy as a result of Budget Control Act of 2011 (BCA), and were postponed by two months by the American Taxpayer Relief Act of 2012 until March 1 when this law went into effect. The reductions in spending authority were approximately $85.4 billion (versus a reduction of $42 billion in actual cash outlays) during fiscal year 2013, with similar cuts for years 2014 until 2021. However, the Congressional Budget Office estimated that the total federal outlays would continue to increase even with the sequester by an average of $238.6 billion per year during the following decade, although at a somewhat lesser rate. The cuts were split evenly (by dollar amounts, ''not'' by percentages) between the defense and non-defense categories. Some major programs like Social Securi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
No Budget, No Pay Act Of 2013 (Public Law 113-3)
The No Budget, No Pay Act of 2013 (; ) is a law passed during the 113th United States Congress. The Act temporarily suspended the US debt ceiling from February 4 to May 18, 2013. It also placed temporary restrictions on Congressional salaries. Background An earlier version of the No Budget, No Pay Act (unrelated to the debt ceiling) was originally introduced in early 2012 by Jim Cooper, a Democratic congressman from Tennessee. It stipulated that congressmen in the United States Congress would not get paid unless they passed a budget by October 1, 2012.Nocera, Kate"'Fix Congress Now' rallies around Cooper's 'No Budget, No Pay Act'" ''Politico'', 16 May 2012. Retrieved on 8 November 2012.Weigant, Chris"No Budget, No Pay Act" ''The Huffington Post'', 14 March 2012. Retrieved on 9 November 2012.Cunningham, Paige W"2-party Group Puts Pay on Line in Get Budget Passed in House" ''The Washington Times'', 16 May 2012. Retrieved on 9 November 2012. The bill received limited bipartisan su ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Recession
The Great Recession was a period of marked general decline, i.e. a recession, observed in national economies globally that occurred from late 2007 into 2009. The scale and timing of the recession varied from country to country (see map). At the time, the International Monetary Fund (IMF) concluded that it was the most severe economic and financial meltdown since the Great Depression. One result was a serious disruption of normal international relations. The causes of the Great Recession include a combination of vulnerabilities that developed in the financial system, along with a series of triggering events that began with the bursting of the United States housing bubble in 2005–2012. When housing prices fell and homeowners began to abandon their mortgages, the value of mortgage-backed securities held by investment banks declined in 2007–2008, causing several to collapse or be bailed out in September 2008. This 2007–2008 phase was called the subprime mortgage crisis. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Taxpayer Relief Act Of 2012
The American Taxpayer Relief Act of 2012 (ATRA) was enacted and passed by the United States Congress on January 1, 2013, and was signed into law by US President Barack Obama the next day. ATRA gave permanence to the lower rates of much of the "Bush tax cuts". The Act centers on a partial resolution to the US fiscal cliff by addressing the expiration of certain provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (known together as the " Bush tax cuts"), which had been temporarily extended by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. The Act also addressed the activation of the Budget Control Act of 2011's budget sequestration provisions. A compromise measure, the Act gives permanence to the lower rate of much of the Bush tax cuts, while retaining the higher tax rate at upper income levels that became effective on January 1 due to the expiration of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
