The Debt Limit: The Ongoing Need for Increases

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 ... continued below

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14 pages.

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Winters, Philip D. July 8, 2005.

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This report is part of the collection entitled: Congressional Research Service Reports and was provided by UNT Libraries Government Documents Department to Digital Library, a digital repository hosted by the UNT Libraries. It has been viewed 27 times . More information about this report can be viewed below.

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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.

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14 pages.

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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-1970's through the present--covering a variety of topics from agriculture to foreign policy to welfare.

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Creation Date

  • July 8, 2005

Added to The UNT Digital Library

  • Oct. 18, 2005, 1:44 p.m.

Description Last Updated

  • Feb. 9, 2017, 3:42 p.m.

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Winters, Philip D. The Debt Limit: The Ongoing Need for Increases, report, July 8, 2005; Washington D.C.. (digital.library.unt.edu/ark:/67531/metacrs7420/: accessed September 25, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.