In order to be able to understand the current debt-limit battle in Washington, here is the essential historical background: The U.S. Constitution’s 14th Amendment states very clearly that “the validity of the public debt of the United States, authorized by law, ... shall not be questioned.” However, the so-called “debt limit,” as it’s currently known – which violates that Amendment boldly – was instituted only in recent times. It was instituted in 1995, by the Republican-majority U.S. Congress, when Republican House Speaker Newt Gingrich tried ... Read More