To allow for more flexible funding of World War I, the U.S. government enacted its first debt ceiling in 1917. Economist James Galbraith takes us through the history of the normally uncontroversial procedure. Galbraith is a professor of government at the University of Texas at Austin.
American credit ratings agencies recently downgraded Greece, Portugal and Ireland’s debt to junk status, making it harder for the EU to avoid an economic meltdown. In Europe, there’s growing discontent over these agencies’ unchecked power.
It is still eight months away from Indiana’s Republican primary but the attack ads are already starting — at least in one unexpected race.The Washington, D.C.–based conservative group Club for Growth is targeting the iconic U.S.
In Postville, Iowa on May 12th, 2008, 900 heavily armed immigration agents shackled and took away 389 undocumented workers while working at Agriprocessors, the largest kosher slaughterhouse and meat-packing plant in the country.
Debates over raising the debt ceiling continue in Washington today. The House of Representatives is scheduled to vote on the Republican-backed "Cut, Cap and Balance Act" Tuesday evening, which allows for the debt ceiling to be raised to $2.4 trillion, but would require spending cuts and a new b