Date: July 8, 2005
Creator: Winters, Philip D
Description: The surpluses over the four fiscal years 1998-2001 reduced debt held by the public by $448 billion. More than offsetting this debt reduction, the surpluses credited to debt-holding government accounts (which generally must invest the surpluses in federal debt), increased their holdings by $853 billion over the same period. The combination ($853 billion minus $448 billion) raised total federal debt by $405 billion. During 2002, debt subject to limit increased enough to reach the then current statutory debt limit, $5.95 trillion, in early April and again in May 2002. Congress passed and the President signed legislation (P.L. 108-24) increasing the limit to $6.4 trillion in June 2002.
Contributing Partner: UNT Libraries Government Documents Department