4min chapter

We the People cover image

The Public Debt Clause and the Debt Ceiling

We the People

CHAPTER

The Public Debt of the United States Authorized by Law

The 14th amendment says that the public debt of the United States shall not be questioned. Professor Foner: The purpose of Section 4 is to head off the Pendleton Plan, which was seen as repudiation by bondholders. He says it's a way of trying to prevent in the future what they call repudiation. "This was part of the politics of debating the consequences of the Civil War for American society"

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