US debt hits $40 trillion. Here’s how Washington has tackled funding crises before

America has historically faced significant debt challenges and devised new funding methods. During the Civil War, new buyers were created for government bonds. Wall Street financiers were enlisted to stabilize gold reserves in 1895. World War II saw enlistment of savers and pegging of yields through war bonds. Later, auctions replaced fixed prices, and foreign currency debt was issued to defend the dollar.