In December 2002, the Administration began warning Congress that the debt limit ($6.4 trillion) would be reached in the first half of 2002. As the limit was approached in February 2003, the Administration resorted to suspension of certain internal fund investments to avoid a default. The adoption of the budget resolution (H.Con.Res. 95; April 11, 2003) for FY2004 generated legislation (H.J.Res. 51) — deemed passed by the House — that would increase the debt limit to $7.4 trillion.
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Description
In December 2002, the Administration began warning Congress that the debt limit ($6.4 trillion) would be reached in the first half of 2002. As the limit was approached in February 2003, the Administration resorted to suspension of certain internal fund investments to avoid a default. The adoption of the budget resolution (H.Con.Res. 95; April 11, 2003) for FY2004 generated legislation (H.J.Res. 51) — deemed passed by the House — that would increase the debt limit to $7.4 trillion.
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Congressional Research Service Reports
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Winters, Philip D.The Debt Limit: Why It Rose After Four Years of Surpluses and the Debt Changes Since,
report,
May 16, 2003;
Washington D.C..
(https://digital.library.unt.edu/ark:/67531/metacrs3866/:
accessed December 6, 2024),
University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu;
crediting UNT Libraries Government Documents Department.