3min chapter

We the People cover image

The Public Debt Clause and the Debt Ceiling

We the People

CHAPTER

The Supreme Court Interpreted Section 4 Just Once in Perry Versus United States

The Supreme Court interpreted Section 4 just once in Perry versus United States in 1935. It had to do with FDR's gold policy. The case was highly controversial at the time, because people were frankly worried there would be a financial panic if the decision to basically change the monetary standard was unconstitutional.

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