The debt ceiling debate is attracting growing attention and a greater sense of urgency. American history underscores why. While many reasons exist to pay our debts, our history punctuates why American leaders dating back to the Revolution have thought it essential. In my book, “The Price of Liberty: Paying for America’s Wars” (2007), I described how, despite the debt incurred in every period of American history, in periods of war and political chaos, the U.S. faithfully and with enormous displays of national political unity met its financial commitments to creditors here and globally. Now, for the first time, we run the risk of defaulting on such commitments. In 1865, reaffirming th
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