Banner Image

today's posted documents
No Document is Posted Today.
For Power Users
FULL TEXT CRS DOCUMENTS
Find documents

The Debt Limit: History and Recent Increases


Total federal debt can increase in two ways. First, debt increases when the government sells debt to the public to finance budget deficits and acquire the financial resources needed to meet its obligations. This increases debt held by the public. Second, debt increases when the federal government issues debt to certain government accounts, such as the Social Security, Medicare, and Transportation trust funds, in exchange for their reported surpluses. This increases debt held by government accounts. The sum of debt held by the public and debt held by government accounts is the total federal debt. Surpluses reduce debt held by the public, while deficits raise it. On August 2, 2011, President Obama signed the Budget Control Act of 2011 (BCA; S. 365; P.L. 112-25), after an extended debt limit episode. The federal debt had reached its legal limit on May 16, 2011, prompting Treasury Secretary Timothy Geithner to declare a debt issuance suspension period, allowing certain extraordinary measures to extend Treasury's borrowing capacity. The BCA included provisions aimed at deficit reduction and allowing the debt limit to rise between $2,100 billion and $2,400 billion in three stages, the latter two subject to congressional disapproval. Once the BCA was enacted, a presidential certification triggered a $400 billion increase, raising the debt limit to $14,694 billion, and a second $500 billion increase on September 22, 2011, as a disapproval measure (H.J.Res. 77) only passed the House. A January 12, 2012, presidential certification triggered a third, $1.2 trillion increase on January 28, 2012. On January 18, 2012, the House passed a disapproval measure (H.J.Res. 98) on a 239-176 vote. The Senate declined to take up a similar measure (S.J.Res. 34), on a 44-52 vote on January 26, 2012. Federal debt reached its limit on December 31, 2012. Extraordinary measures are being used to meet federal payments, which are estimated to allow payment of government obligations until mid-February or early March 2013. Those estimates are subject to uncertainty. Bills: S. 365, H.J.Res. 77, H.J.Res. 98, S.J.Res. 34


THE DOCUMENT INCLUDES FOLLOWING FILES:
# FILE NAME Document Date Order ID: Number of Pages PRICE
1 RL31967.pdf Jan 10, 2013 RL31967 33 $19.95 ADD TO CART

Older Versions:

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Oct 04,2013  Pages: 39]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Sep 25,2013  Pages: 39]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Aug 27,2013  Pages: 39]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Aug 14,2013  Pages: 39]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: May 22,2013  Pages: 38]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Apr 10,2013  Pages: 35]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Feb 07,2013  Pages: 35]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Jan 23,2013  Pages: 34]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Jan 10,2013  Pages: 33]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Feb 02,2012  Pages: 32]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Jan 26,2012  Pages: 32]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Jan 20,2012  Pages: 32]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Jan 12,2012  Pages: 31]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Jan 06,2012  Pages: 31]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Sep 09,2011  Pages: 29]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Aug 03,2011  Pages: 29]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Jul 20,2011  Pages: 29]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Jul 01,2011  Pages: 28]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Jun 01,2011  Pages: 27]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: May 16,2011  Pages: 27]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: May 10,2011  Pages: 27]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Apr 20,2011  Pages: 25]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Apr 05,2011  Pages: 25]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Mar 07,2011  Pages: 25]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Feb 08,2011  Pages: 25]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Jan 06,2011  Pages: 24]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Nov 04,2010  Pages: 22]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Sep 08,2010  Pages: 22]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Feb 16,2010  Pages: 22]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Feb 04,2010  Pages: 22]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Jan 15,2010  Pages: 21]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Dec 30,2009  Pages: 21]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Dec 07,2009  Pages: 21]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Nov 18,2009  Pages: 20]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Oct 09,2009  Pages: 20]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: May 22,2009  Pages: 20]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Apr 07,2009  Pages: 20]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Feb 19,2009  Pages: 20]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Feb 05,2009  Pages: 20]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Oct 06,2008  Pages: 20]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Oct 03,2008  Pages: 21]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Sep 23,2008  Pages: 20]

The Debt Limit: History and Recent Increases  [Order No: RL31967  Release Date: Jul 30,2008  Pages: 19]

The Debt Limit: History of Recent Increases  [Order No: RL31967  Release Date: Jul 29,2008  Pages: 19]

The Debt Limit: A History of Recent Increases  [Order No: RL31967  Release Date: Jun 16,2008  Pages: 18]

The Debt Limit: A History of Recent Increases  [Order No: RL31967  Release Date: May 30,2008  Pages: 17]

The Debt Limit: A History of Recent Increases  [Order No: RL31967  Release Date: Apr 29,2008  Pages: 17]

The Debt Limit: A History of Recent Increases  [Order No: RL31967  Release Date: Oct 17,2007  Pages: 15]

The Debt Limit: A History of Recent Increases  [Order No: RL31967  Release Date: Sep 20,2007  Pages: 13]

The Debt Limit: The Ongoing Need for Increases  [Order No: RL31967  Release Date: Jul 05,2007  Pages: 13]

The Debt Limit: The Ongoing Need for Increases  [Order No: RL31967  Release Date: Mar 21,2006  Pages: 13]

The Debt Limit: The Ongoing Need for Increases  [Order No: RL31967  Release Date: Mar 13,2006  Pages: 13]

The Debt Limit: The Ongoing Need for Increases  [Order No: RL31967  Release Date: Feb 01,2006  Pages: 13]

The Debt Limit: The Ongoing Need for Increases  [Order No: RL31967  Release Date: Oct 21,2005  Pages: 13]

The Debt Limit: The Ongoing Need for Increases  [Order No: RL31967  Release Date: Jul 08,2005  Pages: 11]

The Debt Limit: The Ongoing Need for Increases  [Order No: RL31967  Release Date: Jan 05,2005  Pages: 10]

The Debt Limit: The Ongoing Need for Increases  [Order No: RL31967  Release Date: Nov 18,2004  Pages: 10]

The Debt Limit: The Ongoing Need for Increases  [Order No: RL31967  Release Date: Sep 24,2004  Pages: 9]

The Debt Limit: The Need for Increases  [Order No: RL31967  Release Date: Jun 12,2003  Pages: 8]