Date: May 2, 2011
Creator: Heniff Jr., Bill
Description: Almost all borrowing by the federal government is conducted by the Treasury Department, within the restrictions established by a single, statutory limit on the total amount of debt that may be outstanding at any time.1 In a few instances, agencies such as the Tennessee Valley Authority operate within their own borrowing limits established separately in law. For years, the public debt limit has been codified in Section 3101(b) of Title 31, United States Code. Periodic adjustments in the debt limit take the form of amendments to 31 U.S.C. 3101(b), usually by striking the current dollar limitation and inserting a new one. In the past, such changes to the debt limit have been either permanent or temporary.
Contributing Partner: UNT Libraries Government Documents Department