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The Debt Limit: The Need to Raise It After Four Years of Surpluses

Description: Increases in total federal debt are driven by government deficits (which increase debt held by the public) and by the surpluses credited to (and federal accounting for) debt-holding federal accounts, mostly federal trust funds such as the Social Security, Medicare, Transportation, and Civil Service trust funds.
Date: July 5, 2002
Creator: Winters, Philip D.
Partner: UNT Libraries Government Documents Department

The Debt Limit

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.
Date: February 5, 2001
Creator: Winters, Philip D.
Partner: UNT Libraries Government Documents Department

The Debt Limit: The Need to Raise It After Four Years of Surpluses

Description: Increases in total federal debt are driven by government deficits (which increase debt held by the public) and by the surpluses credited to (and federal accounting for) debt-holding federal accounts, mostly federal trust funds such as the Social Security, Medicare, Transportation, and Civil Service trust funds.
Date: January 23, 2003
Creator: Winters, Philip D.
Partner: UNT Libraries Government Documents Department

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.
Date: May 16, 2003
Creator: Winters, Philip D.
Partner: UNT Libraries Government Documents Department

The Federal Government Debt: Its Size and Economic Significance

Description: This report explains the different measures of the U.S. government debt, discusses the historical growth in the debt, identifies the current owners of the debt, presents comparisons with government debt in other countries, and examines the potential economic risks associated with a growing federal debt.
Date: January 29, 2008
Creator: Cashell, Brian W.
Partner: UNT Libraries Government Documents Department

Has the U.S. Government Ever "Defaulted"?

Description: This report discusses the concept of default in the context of the federal government's financial obligations and provides examples of past cases in which the federal government failed to make certain payments on time.
Date: December 8, 2016
Creator: Austin, D. Andrew
Partner: UNT Libraries Government Documents Department

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 limit to $6.4 trillion in June 2002.
Date: November 18, 2004
Creator: Winters, Philip D.
Partner: UNT Libraries Government Documents Department

The Debt Limit Since 2011

Description: This report discusses the federal debt limit and the crisis of 2011 in reaching the debt limit. Subsequent developments in extending the debt limit and using extraordinary measures to meet government obligations since then are outlined up to the present.
Date: August 9, 2017
Creator: Austin, D. Andrew
Partner: UNT Libraries Government Documents Department

Votes on Measures to Adjust the Statutory Debt Limit, 1978 to Present

Description: This report discusses the statuary debt limit and legislation regarding it. Since 1978, 57 measures adjusting or suspending the statutory debt limit either as stand-alone legislation or as part of legislation dealing with other matters have been enacted into law. This report provides roll call vote data identified by the Congressional Research Service for measures to adjust the statutory debt limit. This report will be updated as events warrant.
Date: November 6, 2017
Creator: Murray, Justin
Partner: UNT Libraries Government Documents Department

Clearing the Air on the Debt Limit

Description: This report provides clarifications on five common debt limit contentions or questions which are: The United States had debt limits before 1917, Did the Federal government default in the 1970s?, Were "clean" debt limit increases once the norm?, Could a platinum coin avoid a binding debt limit?, Would the Fourteenth Amendment allow the President to act unilaterally?, and Is the debt limit obsolete?
Date: November 2, 2017
Creator: Austin, D. Andrew & Thomas, Kenneth R.
Partner: UNT Libraries Government Documents Department

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 limit to $6.4 trillion in June 2002.
Date: July 8, 2005
Creator: Winters, Philip D.
Partner: UNT Libraries Government Documents Department

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 limit to $6.4 trillion in June 2002.
Date: March 21, 2006
Creator: Winters, Philip D.
Partner: UNT Libraries Government Documents Department

Growth in Foreign Holdings of Federal Debt

Description: This report discusses the special role that the dollar plays in international finance and the strength and stability of the U.S. financial markets (including Treasury securities) which make them attractive sources for foreign investment.
Date: November 13, 2006
Creator: Winters, Philip D.
Partner: UNT Libraries Government Documents Department

The Debt Limit Since 2011

Description: This report discusses the federal debt increase, which can increase when the government sells debt to the public to finance budget deficits and acquire the financial resources needed to meet its obligations (increasing debt held by the public), or when the federal government issues debt to certain government accounts in exchange for their reported surpluses (increasing debt held by government accounts).
Date: March 14, 2017
Creator: Austin, D. A.
Partner: UNT Libraries Government Documents Department

The Debt Limit Since 2011

Description: This report discusses the federal debt increase, which can increase when the government sells debt to the public to finance budget deficits and acquire the financial resources needed to meet its obligations (increasing debt held by the public), or when the federal government issues debt to certain government accounts in exchange for their reported surpluses (increasing debt held by government accounts).
Date: February 13, 2017
Creator: Austin, D. A.
Partner: UNT Libraries Government Documents Department

The Debt Limit Since 2011

Description: This report discusses the federal debt increase, which can increase when the government sells debt to the public to finance budget deficits and acquire the financial resources needed to meet its obligations (increasing debt held by the public), or when the federal government issues debt to certain government accounts in exchange for their reported surpluses (increasing debt held by government accounts).
Date: January 31, 2017
Creator: Austin, D. A.
Partner: UNT Libraries Government Documents Department

Debt-Limit Legislation in the Congressional Budget Process

Description: The gross federal debt consists of the debt held by the public plus the debt held by government accounts. Almost all of the gross federal debt is subject to a public debt limit, as set forth in statute (31 U.S.C. 3101).This report considers legislation needed to change the public debt limit.
Date: May 8, 1998
Creator: Heniff, Bill, Jr.
Partner: UNT Libraries Government Documents Department

Debt-Limit Legislation in the Congressional Budget Process

Description: The gross federal debt consists of the debt held by the public plus the debt held by government accounts. Almost all of the gross federal debt is subject to a public debt limit, as set forth in statute (31 U.S.C. 3101).This report considers legislation needed to change the public debt limit.
Date: February 22, 2005
Creator: Heniff, Bill, Jr.
Partner: UNT Libraries Government Documents Department

Debt-Limit Legislation in the Congressional Budget Process

Description: The gross federal debt consists of the debt held by the public plus the debt held by government accounts. Almost all of the gross federal debt is subject to a public debt limit, as set forth in statute (31 U.S.C. 3101).This report considers legislation needed to change the public debt limit.
Date: February 25, 1999
Creator: Heniff, Bill, Jr.
Partner: UNT Libraries Government Documents Department

"Extraordinary Measures" and the Debt Limit

Description: This report briefly examines the statutory debt limit and the use of extraordinary measures by the Treasury Department when Congress does not modify the debt limit by the deadline.
Date: December 8, 2017
Creator: Driessen, Grant A. & Hughes, Joseph S.
Partner: UNT Libraries Government Documents Department

Reaching the Debt Limit: Background and Potential Effects on Government Operations

Description: This report examines the possibility of the federal government reaching its statutory debt limit and not raising it, with a particular focus on government operations. First, the report explains the nature of the federal government's debt, the processes associated with federal borrowing, and historical events that may influence prospective actions. It also includes an analysis of what could happen if the federal government may no longer issue debt, has exhausted alternative sources of cash, and, therefore, depends on incoming receipts or other sources of funds to provide any cash needed to liquidate federal obligations. Finally this report lays out considerations for increasing the debt limit under current policy and what impact fiscal policy could have on the debt limit going forward.
Date: February 11, 2011
Creator: Levit, Mindy R.; Brass, Clinton T.; Nicola, Thomas J.; Nuschler, Dawn & Shelton, Alison M.
Partner: UNT Libraries Government Documents Department