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This is the 6th part of Noble Gold’s National Debt Series. Now that we know how we accumulate debt, let’s find out who is responsible for borrowing money.
The United States Department of the Treasury is responsible for federal finances. It comes up with the government’s budget and how it will raise money to pay for those expenses.
Congress created it in 1789.
It has two divisions: departmental offices and operating bureaus. The departments are mainly in charge of policy making and managing the Treasury. The party happens on the other side, the operating bureaus. It has the:
Internal Revenue Service or IRS. We all know what that department does.
Bureau of Engraving and Printing or BEP, in charge of printing and minting all U.S. money; and
Office of the Comptroller of the Currency, responsible for safeguarding the federal banking system
Although it’s the Treasury Department that’s responsible for creating the budget, Federal legislation authorizes spending levels. If the government spends more money than it receives, that’s when we run into a deficit.
So what does it do? It borrows money from the public or from other government agencies.
It wasn’t always like this though.
Up until World War I, Congress had to approve each instance the government wanted to borrow money. Congress decided on the number of securities that could be issued, their maturity date and the interest that would be paid on them.
The Second Liberty Bond Act of 1917, granted the U.S. Treasury borrowing authority for as long as it stays within the “ceiling” that Congress sets. The Treasury was also given the discretion to decide maturity dates, interest rate levels, and the type of instruments that would be offered.
When the debt ceiling is reached, the Treasury Department must find other ways to pay expenses. However, the debt ceiling has been raised several times, the latest of which was last year when Congress approved a $2.5 Trillion Debt limit increase.
We are nearing the end. In the next video, let’s take a closer look at the different treasurys the government issues and understand why it’s a popular “conservative” investment.
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