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none;\n}","fonts":"Dosis","width":550,"public":1,"thumb":"/i/templates/S/square.png","order":3,"picture":"/i/templates/L/square.png","usergroup":"","author":"Infogr.am","title":"Squared-new","_id":30},"elements":[{"shrink":null,"title":null,"content_type":"","text":"An Interactive History of the U.S. Debt Ceiling","picture":null,"particle_type":"maintitle","object_id":"72a6956e-eadd-11e4-a037-7b5f270fdca9","particle_id":17226742,"type":"particle"},{"shrink":null,"title":null,"content_type":"","text":"The United States has had a \"debt ceiling,\" or debt limit, since 1917. However, until 1941, the limit only applied to bonds, not to other forms of indebtedness.","picture":null,"particle_type":"bodytext","object_id":"TMFBiggles1355807336","particle_id":419105,"type":"particle"},{"shrink":null,"title":null,"content_type":"","text":"The 1917 and 1918 debt limits were implemented to help the United States more easily raise money for the war effort, which had begun in April of 1917.","picture":null,"particle_type":"bodytext","object_id":"TMFBiggles1355807895","particle_id":419119,"type":"particle"},{"shrink":null,"title":null,"content_type":"","text":"1917 - 1938: Bond Limit Years","picture":null,"particle_type":"bodytitle","object_id":"TMFBiggles1355808105","particle_id":419122,"type":"particle"},{"modifier":0,"dimensions":[],"colors":["#f28a35","#8c2c0e"],"custom":{"xlabel":"Debt Limit (in billions $USD) -- Debt to GDP in percent"},"data":[[["Date","Nominal Debt Limit","Real Debt Limit (2011 $USD)","Debt Limit to GDP"],["October 1, 1917","11.5","199.4","16.3"],["July 9, 1918","20.0","295.4","25.8"],["March 3, 1931","28.0","408.5","36.1"],["February 4, 1935","30.0","485.2","40.0"],["May 26, 1938","45.0","709","50.8"]]],"chart_type_nr":4,"chart_type":"HorizontalBar","object_id":"TMFBiggles_1355801406","chart_id":644040,"type":"chart"},{"shrink":null,"title":"- Treasury Secretary William G. McAdoo, opening the Liberty Loan campaign that created America&#39;s debt ceiling, Oct. 1, 1917","content_type":"","text":"God has decreed that America should rescue civilization from the dark abyss into which this military despot of Germany has thrust it.","picture":null,"particle_type":"quote","object_id":"TMFBiggles1355807610","particle_id":419112,"type":"particle"},{"shrink":null,"title":null,"content_type":"","text":"The separate limit on bonds prompted calls for consolidating the debt limit in 1939, when President Roosevelt asked Congress to remove it. The president said that there was no immediate need to raise the total public debt ceiling of $45 billion, but asked that the Treasury bond limit of $30 billion be removed.","picture":null,"particle_type":"bodytext","object_id":"TMFBiggles1355808634","particle_id":419133,"type":"particle"},{"shrink":null,"title":null,"content_type":"","text":"President Roosevelt&#39;s request was granted on July 20, 1939, with the passage of the Public Debt Act. For the first time, all American public debt was subject to the same limit.","picture":null,"particle_type":"bodytext","object_id":"TMFBiggles1355809363","particle_id":419149,"type":"particle"},{"shrink":null,"title":null,"content_type":"","text":"1939 - 1974: Debts and Budgets","picture":null,"particle_type":"bodytitle","object_id":"TMFBiggles1355809653","particle_id":419155,"type":"particle"},{"shrink":null,"title":null,"content_type":"","text":"From 1939 through 1974, the debt limit was debated simultaneously with the budget process. Many of the incremental changes you see in the chart below are the result of several provisions coming into force from one debt limit amendment.","picture":null,"particle_type":"bodytext","object_id":"TMFBiggles1355809870","particle_id":419127,"type":"particle"},{"shrink":null,"title":null,"content_type":"","text":"It did not take long after the debt limit was consolidated before the minority party began to grumble about the size of the national debt. These concerns were largely abandoned once the country entered World War II.","picture":null,"particle_type":"bodytext","object_id":"TMFBiggles1355810083","particle_id":419164,"type":"particle"},{"shrink":null,"title":"- Henry Morgenthau, Jr, Secretary of the Treasury, on the debt ceiling increase from $65 billion to $125 billion, March 28, 1942","content_type":"","text":"While these figures are huge in amount, they are made necessary by . . . the task of winning this war. Whatever the cost may be, we are ready to face it.","picture":null,"particle_type":"quote","object_id":"TMFBiggles1355810396","particle_id":419159,"type":"particle"},{"modifier":0,"dimensions":[],"colors":["#8c2c0e","#d85128","#f28a35"],"custom":{"xlabel":"Debt Limit (in billions $USD) -- Debt to GDP in percent"},"data":[[["Date","Nominal Debt Limit","Real Debt Limit (2011 $USD)","Debt Limit to GDP"],["June 25, 1940","49.0","775.2","43.8"],["February 19, 1941","65.0","979.4","49.0"],["March 28, 1942","125.0","1701.4","74.4"],["April 11, 1943","210.0","2693.9","101.2"],["June 9, 1944","260.0","3279.6","117.6"],["April 3, 1945","300.0","3699.1","134.7"],["June 26, 1946","275.0","3125.2","118.9"],["August 28, 1954","281.0","2318.2","72.2"],["June 30, 1955","281.0","2327.5","67.0"],["July 9, 1956","278.0","2268.6","63.3"],["July 1, 1957","275.0","2166.2","59.0"],["February 26, 1958","280.0","2147.6","61.1"],["September 2, 1958","288.0","2208.9","59.4"],["June 30, 1959","295.0","2244.6","57.9"],["June 30, 1960","293.0","2194.3","55.4"],["June 30, 1961","298.0","2209.7","54.2"],["March 13, 1962","300.0","2200.3","51.4"],["July 1, 1962","308.0","2259","52.2"],["April 1, 1963","305.0","2210.4","49.9"],["June 25, 1963","300.0","2174.2","48.1"],["May 29, 1963","307.0","2294.9","49.2"],["July 1, 1963","309.0","2239.4","49.5"],["August 27, 1963","309.0","2239.4","49.5"],["December 1, 1963","315.0","2282.9","49.7"],["June 30, 1964","309.0","2210.7","46.1"],["June 29, 1964","324.0","2318","48.3"],["June 24, 1965","328.0","2307.4","45.2"],["June 24, 1966","330.0","2256","41.6"],["March 2, 1967","336.0","2232.3","40.9"],["June 30, 1967","358.0","2378.5","43.5"],["July 1, 1968","365.0","2327.3","39.7"],["April 7, 1969","377.0","2280.6","38.6"],["June 30, 1970","395.0","2256.4","37.6"],["March 17, 1971","430.0","2355","38.4"],["March 15, 1972","450.0","2385.8","36.7"],["July 1, 1972","450.0","2385.8","36.0"],["October 27, 1972","465.0","2465.4","36.1"],["July 1, 1973","465.0","2321.4","33.4"],["December 3, 1973","475.7","2374.9","33.2"],["June 30, 1974","495.0","2226.3","32.7"]]],"chart_type_nr":4,"chart_type":"HorizontalBar","object_id":"TMFBiggles_1355801561","chart_id":644044,"type":"chart"},{"shrink":null,"title":null,"content_type":"","text":"The 92% debt limit increase in 1942 remains the largest percentage increase in American history. An identical increase in our current limit would create a new debt ceiling of $31.5 trillion.","picture":null,"particle_type":"bodytext","object_id":"TMFBiggles1355810644","particle_id":419167,"type":"particle"},{"shrink":null,"title":null,"content_type":"","text":"1946 saw the debt limit&#39;s first reduction, as heightened war spending was no longer necessary. Debate on that reduction included comments from one Senator that the debt of the United States was then equal to that of the entire rest of the world.","picture":null,"particle_type":"bodytext","object_id":"TMFBiggles1355811749","particle_id":419201,"type":"particle"},{"shrink":null,"title":"- Los angeles times editorial on debt limit reduction, June 23, 1946","content_type":"","text":"\"The new debt limitation measure is a good start back to some kind of fiscal sanity. But with the proper national retrenchment, the ceiling should be depressed a great deal more.","picture":null,"particle_type":"quote","object_id":"TMFBiggles1355811883","particle_id":419202,"type":"particle"},{"shrink":null,"title":null,"content_type":"","text":"Throughout the postwar years, minor episodes of partisan bickering never amounted to much more than hot air. The debt ceiling reached a turning point in 1974, when Congress implemented a new decision-making structure for federal spending affairs, overriding President Nixon&#39;s veto and separating the budget process from the debt limit debate.","picture":null,"particle_type":"bodytext","object_id":"TMFBiggles1355816176","particle_id":419325,"type":"particle"},{"shrink":null,"title":null,"content_type":"","text":"1974 - Present: Debt Politics and Debt Crises","picture":null,"particle_type":"bodytitle","object_id":"TMFBiggles1355816538","particle_id":419332,"type":"particle"},{"shrink":null,"title":null,"content_type":"","text":"With the debt limit freed from budget negotiations, politicians on both sides of the aisle began wielding it as a threat in order to score points against the party controlling the White House.","picture":null,"particle_type":"bodytext","object_id":"TMFBiggles1355817188","particle_id":419343,"type":"particle"},{"shrink":null,"title":null,"content_type":"","text":"In 1979, Treasury Secretary Michael Blumenthal was forced to plead with balanced-budget pushers in the House of Representatives to pass a limit increase, as the Treasury was on the verge of default and would risk missing payments to retirees. Unfortunately, this could not prevent a technical default on $122 million worth of Treasury bonds. The resulting fallout permanently increased rates by 0.6%, which has added up to over $12 billion in additional interest payments per year.","picture":null,"particle_type":"bodytext","object_id":"TMFBiggles1355817598","particle_id":419358,"type":"particle"},{"shrink":null,"title":"- The Montreal Gazette, on the passage of 1979&#39;s debt limit increase, April 3, 1979","content_type":"","text":"Attempts to raise the debt ceiling usually go down to the wire and usually are accompanied by reports that social security recipients will not be paid.","picture":null,"particle_type":"quote","object_id":"TMFBiggles1355817859","particle_id":419364,"type":"particle"},{"modifier":0,"dimensions":[],"colors":["#8c2c0e","#d85128","#f28a35"],"custom":{"xlabel":"Debt Limit (in billions $USD) -- Debt to GDP in percent"},"data":[[["Date","Nominal Debt Limit","Real Debt Limit (2011 $USD)","Debt Limit to GDP"],["February 19, 1975","577.0","2378.7","36.8"],["June 30, 1975","577.0","2378.7","34.7"],["November 14, 1975","595.0","2452.9","34.7"],["March 15, 1976","627.0","2433.1","34.8"],["July 1, 1976","636.0","2478.2","34.6"],["October 1, 1976","682.0","2657.4","36.2"],["April 1, 1977","700.0","2561.1","34.9"],["October 1, 1977","400.0","1463.5","19.0"],["October 4, 1977","752.0","2751.3","35.6"],["March 27, 1978","752.0","2557","33.1"],["August 1, 1978","400.0","1360.1","17.1"],["August 3, 1978","798.0","2713.4","34.2"],["April 1, 1979","400.0","1219.8","15.8"],["April 2, 1979","830.0","2531.1","32.9"],["September 29, 1979","879.0","2680.5","33.1"],["May 30, 1980","879.0","2361.7","32.2"],["June 6, 1980","879.0","2361.7","32.2"],["June 28, 1980","925.0","2485.3","33.9"],["December 19, 1980","935.1","2512.4","32.1"],["February 7, 1981","985.0","2399.4","32.3"],["September 30, 1981","999.8","2435.4","31.3"],["September 30, 1981","1079.8","2630.3","33.8"],["June 28, 1982","1143.1","2621.9","34.9"],["September 30, 1982","1290.2","2959.3","38.9"],["May 26, 1983","1389.0","3087.2","39.9"],["November 21, 1983","1490.0","3311.7","40.4"],["May 25, 1984","1520.0","3239.1","38.9"],["July 6, 1984","1573.0","3352","39.6"],["October 13, 1984","1823.8","3886.4","45.2"],["November 14, 1985","1903.8","3915.9","44.1"],["December 12, 1985","2078.7","4275.7","48.1"],["August 21, 1986","2111.0","4261.2","47.0"],["October 21, 1986","2300.0","4642.7","50.6"],["May 15, 1987","2320.0","4520.3","49.5"],["July 30, 1987","2320.0","4520.3","48.7"],["August 10, 1987","2352.0","4582.7","49.4"],["September 29, 1987","2800.0","5455.6","58.8"],["August 7, 1989","2870.0","5125.7","51.9"],["November 8, 1989","3122.7","5578","55.9"],["August 9, 1990","3195.0","5413.8","54.6"],["October 2, 1990","3195.0","5413.8","54.7"],["October 9, 1990","3195.0","5413.8","54.7"],["October 19, 1990","3195.0","5413.8","54.7"],["October 25, 1990","3195.0","5413.8","54.7"],["October 28, 1990","3230.0","5473.1","55.3"],["November 5, 1990","4145.0","7023.5","70.9"],["April 6, 1993","4370.0","6698.3","66.0"],["August 10, 1993","4900.0","7510.7","71.9"],["February 8, 1996","4900.0","6933.8","64.2"],["March 12, 1996","4900.0","6933.8","64.2"],["March 29, 1996","5500.0","7782.9","72.0"],["August 5, 1997","5950.0","8278.9","70.7"],["June 28, 2002","6400.0","7933.4","60.4"],["May 27, 2003","7384.0","8982.5","67.1"],["November 19, 2004","8184.0","9637.6","67.5"],["March 20, 2006","8965.0","9961.1","68.1"],["September 29, 2007","9815.0","10608.6","69.5"],["July 30, 2008","10615.0","11053.2","73.7"],["October 3, 2008","11315.0","11782.1","80.4"],["February 17, 2009","12104.0","12654.3","86.9"],["December 28, 2009","12394.0","12957.5","87.7"],["February 12, 2010","14294.0","14708.5","100.2"],["August 2, 2011","14694.0","14694.0","96.9"],["September 22, 2011","15194.0","15194.0","100.2"],["January 26, 2012","16394.0","16394.0","105.9"]]],"chart_type_nr":4,"chart_type":"HorizontalBar","object_id":"TMFBiggles_1355807161","chart_id":644161,"type":"chart"},{"shrink":null,"title":null,"content_type":"","text":"The Senate failed to raise the debt limit in a timely fashion in 1983, causing a minor political crisis. During the month of November, the Senate&#39;s inaction was blamed for an estimated $250 million increase in interest payments on the national debt.","picture":null,"particle_type":"bodytext","object_id":"TMFBiggles1355817603","particle_id":419360,"type":"particle"},{"shrink":null,"title":null,"content_type":"","text":"The debt limit also played an important role in the government shutdowns at the end of 1995. A contentious budget fight during the winter of 1995 and 1996 brought the Treasury near default, which caused Moody&#39;s to threaten a ratings downgrade on $387 billion in Treasuries. Republican lawmakers wielded the debt limit throughout this period in an attempt to extract tax cuts and a \"down payment\" on a balanced budget from President Clinton.","picture":null,"particle_type":"bodytext","object_id":"TMFBiggles1355819723","particle_id":419439,"type":"particle"},{"shrink":null,"title":"- Treasury fact sheet: Debt Limit, Myth v. Fact","content_type":"","text":"If Congress fails to increase the debt limit, the government would default on its legal obligations – an event unprecedented in American history. This would cause investors here and around the world to doubt, for the first time, whether the United States will meet its commitments. That would precipitate a self-inflicted financial crisis potentially more severe than the one from which we are now recovering.","picture":null,"particle_type":"quote","object_id":"TMFBiggles1355821116","particle_id":419472,"type":"particle"}],"properties":{"pro":true,"embed_button":"enabled","custom_logo":"none","title_link":"infogram","whitelabel":false,"transparent":false,"rtl":false,"export_settings":{"showGrid":true,"showValues":true}},"copyright":"© 1995-2012 The Motley Fool.","width":500,"embedImageUrl":"https://infogram.io/p/89c3ae7b42a57bee5272a8ee30e540a1.png","thumb":"https://s3-eu-west-1.amazonaws.com/infogram-thumbs-200/TMFBiggles_1355801255.jpg","publicAccess":true,"public":true,"tags":"","pubtitle":"An Interactive History of the U.S. Debt Ceiling","title":"An Interactive History of the U.S. Debt Ceiling","path":"An-Interactive-History-of-the-U-S--Debt-Ceiling","user_id":104999,"theme_id":30,"block_id":"TMFBiggles_1355801255","id":448021}