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| Name | Who Is the US In Debt to? |
| Video Uploader | Video From Weird History |
| Upload Date | This Video Uploaded At 02-08-2023 14:00:04 |
| Video Discription | It was 1917 when the United States had just joined World War I. With demands for military investment growing, the US Treasury Department was in desperate need of money. Without enough of its own, the Treasury Department had to borrow it from someone, but was also constitutionally required to receive congressional approval to take on debt and make financial decisions. Rather than oversee every increasingly common request and transaction, Congress figured, “Hey, let's give the Treasury Department power to oversee their own debt! But we have to limit that so we don't get ourselves in any trouble." Thus the debt ceiling was born. It was a means to allow the Treasury Department to get money, accrue debt, and invest in everything the government needed to invest in without requiring constant approval from Congress, while still allowing Congress to control the total amount of debt accrued. To See the complete list of Countries the US is in Debt to, go here: https://www.ranker.com/list/us-debt/brenden-donnelly?utm_source=newsletters&utm_medium=weirdhistory&utm_campaign=wh_active&utm_content=20230604&lctg=6116f908812a730741149cdb Be sure to subscribe to the Weird History Newsletter: https://www.ranker.com/newsletters/weird-history?utm_source=Youtube&utm_medium=WeirdHistory&utm_campaign=WHnewsletters&utm_content=description_box #debt #debtceiling #weirdhistory |
| Category | Entertainment |
| Tags | US National Debt | Foreign Countries that buy US Treasuries | Which Countries hold US Debt? | Federal Government Debt | Facts About the national debt | Weird History | Weird History National Debt | Japan owns most US Debt | China buys US Debt | US Debt and Deficits | Real Story About US Debt | Federal Reserve Money Printing | Countries that buy billions in US Debt | Federal Government in debt to US Taxpayers | Current US Debt Clock | US Debt today | the plain bagel | Concerning Reality | CNBC |
