Congress last raised the debt limit, to $5.95 trillion, in the Balanced Budget Act of 1997 (P.L. 105-33; on August 5, 1997). At that time, the increase was deemed sufficient for the government's borrowing needs into December 1999.
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Description
Congress last raised the debt limit, to $5.95 trillion, in the Balanced Budget Act of 1997 (P.L. 105-33; on August 5, 1997). At that time, the increase was deemed sufficient for the government's borrowing needs into December 1999.
This report is part of the following collection of related materials.
Congressional Research Service Reports
The Congressional Research Service (CRS) is the public policy research arm of Congress. This legislative branch agency works exclusively for Members of Congress, their committees and their staff. This collection includes CRS reports from the mid-1960's through 2018—covering a variety of topics from agriculture to foreign policy to welfare.