The Debt Limit: Why It Rose After Four Years of Surpluses and the Debt Changes Since
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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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
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.
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 May 19, 2022),
University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu;
crediting UNT Libraries Government Documents Department.