What is the National Debt?
Civics 101
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The History of the Debt Sealing
Before 19 17, congress was in charge of approving bond sales and loans in the treasury. The purpose of the debt sealing originally was to empower the federal executive branch to borrow money without having to go back to congress each time. So when the treasury floats a bond, it's relying on the authority that's provided in the same original statute as created the debt sealing.
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