by Grant M. Nülle

Ludwig von Mises Institute

08/20/04

About 23 years ago, reluctant Republican legislators acquiesced to increasing the statutory ceiling of the federal debt (then $1 trillion) at the behest of President Ronald Reagan, who assured congressmen that the measure would be a one-time event. The pledge has of course been broken repeatedly; America's sovereign debt stood at $6.9 trillion as of January 2004...

http://www.mises.org/fullstory.aspx?control=1582


Informant: Thomas L. Knapp