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New Jersey took a look at the nation’s history of borrowing money and discovered that Codey was mostly right. Since an overall limit on most federal debt was first set up in 1939, the debt ceiling went up during every presidency with the sole exception of former President Harry S. Truman.
read more here>>http://www.politifact.com/new-jersey/statements/2011/jul/21/richard-codey/new-jersey-sen-richard-codey-claims-every-presiden/
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