Fights over the debt limit an old story
The president needed an increase in the federal debt limit. His partisan adversary, a powerful Ohio congressman, wanted something in return: deep spending cuts.
The president was Richard M. Nixon, the congressman was Charles A. Vanik and the year was 1970. Mr. Vanik, a Democrat on the Ways and Means Committee, did not win his $6 billion in spending cuts (equivalent to $34 billion today).
But Congress raised the debt limit anyway — as it has 78 times since 1960 in what has become a familiar Washington ritual. This spring, the debt limit has become a burden that
comments powered by Disqus
- Harvard acquires Thoreau's notes on the death of Margaret Fuller
- It’s a national historic site, but hardly anybody visits the Idaho internment camp where thousands of Japanese Americans were incarcerated in WW II
- Big-time Hollywood director makes a movie about Stonewall
- HMS Victory: The mystery of Britain's worst naval disaster is finally solved - 271 years later
- A salute lost to history
- High school senior credited with debunking book by Professor Richard Jensen
- Historians at loggerheads over the AP standards
- Bettany Hughes interview: The historian on how Socrates would have solved Greece's problems
- U.K. Released Hundreds of Nazis After the Holocaust, Says Leading Historian
- NYT History Book Reviews: Who Got Noticed this Week?