AMY GOODMAN: Let me ask you, Michael Hudson, how the debt ceiling was put into place to begin with? In fact, it was linked to the military, right?
MICHAEL HUDSON: It was put in in 1917 during World War I, and the idea was to prevent President Wilson from committing even more American troops and money to war. In every country of Europe—England, France—the parliamentary control over the budget was introduced to stop ambitious kings or rulers from waging wars. So the whole purpose was to limit a government’s ability to run into debt for war, because that was the only reason that governments ran into debt. Almost all governments, for hundreds of years, have been in balance in their domestic spending. War is what pushes up debt, as it has done in the United States.