{ "id": "R43389", "type": "CRS Report", "typeId": "R", "number": "R43389", "active": true, "source": "CRSReports.Congress.gov, EveryCRSReport.com, University of North Texas Libraries Government Documents Department", "versions": [ { "source_dir": "crsreports.congress.gov", "title": "The Debt Limit Since 2011", "retrieved": "2023-01-27T04:04:34.229197", "id": "R43389_64_2022-12-23", "formats": [ { "filename": "files/2022-12-23_R43389_2df44a85e0923995b06cce723018b5ad99e86a0e.pdf", "format": "PDF", "url": "https://crsreports.congress.gov/product/pdf/R/R43389/64", "sha1": "2df44a85e0923995b06cce723018b5ad99e86a0e" }, { "format": "HTML", "filename": "files/2022-12-23_R43389_2df44a85e0923995b06cce723018b5ad99e86a0e.html" } ], "date": "2022-12-23", "summary": null, "source": "CRSReports.Congress.gov", "typeId": "R", "active": true, "sourceLink": "https://crsreports.congress.gov/product/details?prodcode=R43389", "type": "CRS Report" }, { "source_dir": "crsreports.congress.gov", "title": "The Debt Limit Since 2011", "retrieved": "2023-01-27T04:04:34.227876", "id": "R43389_62_2021-04-01", "formats": [ { "filename": "files/2021-04-01_R43389_43e11c6d47bc1d96911f53106ff02d9bddc5954e.pdf", "format": "PDF", "url": "https://crsreports.congress.gov/product/pdf/R/R43389/62", "sha1": "43e11c6d47bc1d96911f53106ff02d9bddc5954e" }, { "format": "HTML", "filename": "files/2021-04-01_R43389_43e11c6d47bc1d96911f53106ff02d9bddc5954e.html" } ], "date": "2021-04-01", "summary": null, "source": "CRSReports.Congress.gov", "typeId": "R", "active": true, "sourceLink": "https://crsreports.congress.gov/product/details?prodcode=R43389", "type": "CRS Report" }, { "source": "EveryCRSReport.com", "id": 604244, "date": "2019-08-29", "retrieved": "2019-09-03T22:03:56.196201", "title": "The Debt Limit Since 2011", "summary": "The Constitution grants Congress the power to borrow money on the credit of the United States\u2014one part of its power of the purse\u2014and thus mandates that Congress exercise control over federal debt. Control of debt policy has at times provided Congress with a means of raising concerns regarding fiscal policies. Debates over federal fiscal policy have been especially animated in the past decade, in part because of the accumulation of federal debt in the wake of the 2007-2008 financial crisis and subsequent recession. Rising debt levels, along with continued differences in views of fiscal policy, led to a series of contentious debt limit episodes in recent years. \nOn August 2, 2019, the Bipartisan Budget Act of 2019 (BBA 2019; P.L. 116-37; H.R. 3877), which modified discretionary spending limits, was enacted, suspending the debt limit until July 31, 2021.\nA 2011 debt limit episode was resolved on August 2, 2011, when President Obama signed the Budget Control Act of 2011 (BCA; S. 365; P.L. 112-25). The BCA included provisions aimed at deficit reduction and allowing the debt limit to rise in three stages, the latter two subject to congressional disapproval. Once the BCA was enacted, a presidential certification triggered a $400 billion increase. A second certification led to a $500 billion increase on September 22, 2011, and a third, $1,200 billion increase took place on January 28, 2012. Federal debt again reached its limit on December 31, 2012. Extraordinary measures were again used to allow payment of government obligations until February 4, 2013, when H.R. 325, which suspended the debt limit until May 19, 2013, was signed into law (P.L. 113-3), which reset extraordinary measures. On October 16, 2013, enactment of a continuing resolution (H.R. 2775; P.L. 113-46) resolved a funding lapse and suspended the debt limit through February 7, 2014. On February 15, 2014, the debt limit was suspended through March 15, 2015 (P.L. 113-83). On November 2, 2015, the Bipartisan Budget Act of 2015 (BBA2015; H.R. 1314; P.L. 114-74) was enacted, which suspended the debt limit through March 15, 2017, and relaxed discretionary spending limits.\nOn March 16, 2017, the debt limit was reset at $19,809 billion, which triggered the use of extraordinary measures. On September 8, 2017, P.L. 115-56 was enacted, which included a continuing resolution and suspended the debt limit through December 8, 2017. \nOnce that suspension lapsed\u2014with a new debt limit set at $20,456 billion\u2014Treasury Secretary Mnuchin again invoked authorities to employ extraordinary measures. The Bipartisan Budget Act of 2018 (BBA 2018; P.L. 115-123), enacted on February 9, 2018, suspended the debt limit through March 1, 2019. The limit was then reset at $21.988 trillion to accommodate federal obligations incurred during the suspension period. U.S. Treasury Secretary Steven Mnuchin invoked extraordinary authorities on March 4, 2019. As noted above, enactment of BBA 2019 on August 2, 2019, resolved the debt limit episode.\nTotal federal debt increases when the government sells debt to the public to finance budget deficits, which adds to debt held by the public, or when the federal government issues debt to certain government accounts, such as the Social Security, Medicare, and Transportation trust funds, in exchange for their reported surpluses\u2014which adds to debt held by government accounts; or when new federal loans outpace loan repayments. The sum of debt held by the public and debt held by government accounts is the total federal debt. Surpluses reduce debt held by the public, while deficits raise it.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "https://www.crs.gov/Reports/R43389", "sha1": "3d3eb69dc963751b0f8a0c161cbb15ad577e6d55", "filename": "files/20190829_R43389_3d3eb69dc963751b0f8a0c161cbb15ad577e6d55.html", "images": { "/products/Getimages/?directory=R/html/R43389_files&id=/1.png": "files/20190829_R43389_images_3a6f48fc8afab92ad38e3247130c7d128e913a38.png", "/products/Getimages/?directory=R/html/R43389_files&id=/0.png": "files/20190829_R43389_images_4469ac204bf2fcd60f0cee1949affccd32bead05.png" } }, { "format": "PDF", "encoding": null, "url": "https://www.crs.gov/Reports/pdf/R43389", "sha1": "b3284dad3a00858709b6eafe8ce1de3096bf2460", "filename": "files/20190829_R43389_b3284dad3a00858709b6eafe8ce1de3096bf2460.pdf", "images": {} } ], "topics": [] }, { "source": "EveryCRSReport.com", "id": 602725, "date": "2019-07-24", "retrieved": "2019-07-24T22:20:52.655775", "title": "The Debt Limit Since 2011", "summary": "The Constitution grants Congress the power to borrow money on the credit of the United States\u2014one part of its power of the purse\u2014and thus mandates that Congress exercise control over federal debt. Control of debt policy has at times provided Congress with a means of raising concerns regarding fiscal policies. Debates over federal fiscal policy have been especially animated in the past decade, in part because of the accumulation of federal debt in the wake of the 2007-2008 financial crisis and subsequent recession. Rising debt levels, along with continued differences in views of fiscal policy, led to a series of contentious debt limit episodes in recent years. \nThe most recent suspension of the debt limit lapsed after March 1, 2019. The limit was then reset at $21.988 trillion, a level that accommodates federal obligations incurred during the suspension period. U.S. Treasury Secretary Steven Mnuchin invoked extraordinary authorities on March 4, 2019. The Congressional Budget Office estimated that Treasury could meet federal obligations until just before or just after October 1, 2019. One private estimate suggests Treasury could cover federal payments until at least mid-August or even early October. Such estimates are subject to considerable uncertainty. Congressional leaders announced an agreement with Administration officials on July 22, 2019 (Bipartisan Budget Act of 2019; H.R. 3877), which would modify discretionary spending limits and suspend the debt limit until July 31, 2021.\nA 2011 debt limit episode was resolved on August 2, 2011, when President Obama signed the Budget Control Act of 2011 (BCA; S. 365; P.L. 112-25). The BCA included provisions aimed at deficit reduction and allowing the debt limit to rise in three stages, the latter two subject to congressional disapproval. Once the BCA was enacted, a presidential certification triggered a $400 billion increase. A second certification led to a $500 billion increase on September 22, 2011, and a third, $1,200 billion increase took place on January 28, 2012. Federal debt again reached its limit on December 31, 2012. Extraordinary measures were again used to allow payment of government obligations until February 4, 2013, when H.R. 325, which suspended the debt limit until May 19, 2013, was signed into law (P.L. 113-3), which reset extraordinary measures. On October 16, 2013, enactment of a continuing resolution (H.R. 2775; P.L. 113-46) resolved a funding lapse and suspended the debt limit through February 7, 2014. On February 15, 2014, the debt limit was suspended through March 15, 2015 (P.L. 113-83). On November 2, 2015, the Bipartisan Budget Act of 2015 (BBA2015; H.R. 1314; P.L. 114-74) was enacted, which suspended the debt limit through March 15, 2017, and relaxed discretionary spending limits.\nOn March 16, 2017, the debt limit was reset at $19,809 billion, and Treasury Secretary Mnuchin notified Congress that he had invoked authorities to use extraordinary measures. On September 6, 2017, an agreement on the debt limit and a continuing resolution was announced between President Trump and congressional leaders. Two days later a measure (P.L. 115-56) was enacted to implement that agreement, which included a suspension of the debt limit through December 8, 2017. Once that suspension lapsed\u2014with a new debt limit set at $20,456 billion\u2014Treasury Secretary Mnuchin invoked authorities to employ extraordinary measures, which estimates had suggested would last until early March. The Bipartisan Budget Act of 2018 (BBA 2018; P.L. 115-123), enacted on February 9, 2018, suspended the debt limit through March 1, 2019. \nTotal federal debt increases when the government sells debt to the public to finance budget deficits, which adds to debt held by the public, or when the federal government issues debt to certain government accounts, such as the Social Security, Medicare, and Transportation trust funds, in exchange for their reported surpluses\u2014which adds to debt held by government accounts; or when new federal loans outpace loan repayments. The sum of debt held by the public and debt held by government accounts is the total federal debt. Surpluses reduce debt held by the public, while deficits raise it.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "https://www.crs.gov/Reports/R43389", "sha1": "ec1256e823980e39dc413753c73eaf7591d11044", "filename": "files/20190724_R43389_ec1256e823980e39dc413753c73eaf7591d11044.html", "images": { "/products/Getimages/?directory=R/html/R43389_files&id=/1.png": "files/20190724_R43389_images_3a6f48fc8afab92ad38e3247130c7d128e913a38.png", "/products/Getimages/?directory=R/html/R43389_files&id=/0.png": "files/20190724_R43389_images_4469ac204bf2fcd60f0cee1949affccd32bead05.png" } }, { "format": "PDF", "encoding": null, "url": "https://www.crs.gov/Reports/pdf/R43389", "sha1": "2617b1c6371423011f1492932c4db9d235981c08", "filename": "files/20190724_R43389_2617b1c6371423011f1492932c4db9d235981c08.pdf", "images": {} } ], "topics": [] }, { "source": "EveryCRSReport.com", "id": 601375, "date": "2019-07-01", "retrieved": "2019-07-02T22:02:27.897122", "title": "The Debt Limit Since 2011", "summary": "The Constitution grants Congress the power to borrow money on the credit of the United States\u2014one part of its power of the purse\u2014and thus mandates that Congress exercise control over federal debt. Control of debt policy has at times provided Congress with a means of raising concerns regarding fiscal policies. Debates over federal fiscal policy have been especially animated in the past decade, in part because of the accumulation of federal debt in the wake of the 2007-2008 financial crisis and subsequent recession. Rising debt levels, along with continued differences in views of fiscal policy, led to a series of contentious debt limit episodes in recent years. \nThe most recent suspension of the debt limit lapsed after March 1, 2019. The limit was then reset at $21.988 trillion, a level that accommodates federal obligations incurred during the suspension period. U.S. Treasury Secretary Steven Mnuchin invoked extraordinary authorities on March 4, 2019. CBO estimated that Treasury could meet federal obligations until just before or just after October 1, 2019. One private estimate suggests Treasury could cover federal payments until at least mid-August or even early October. Such estimates are subject to considerable uncertainty.\nThe 2011 debt limit episode was resolved on August 2, 2011, when President Obama signed the Budget Control Act of 2011 (BCA; S. 365; P.L. 112-25). The BCA included provisions aimed at deficit reduction and allowing the debt limit to rise in three stages, the latter two subject to congressional disapproval. Once the BCA was enacted, a presidential certification triggered a $400 billion increase. A second certification led to a $500 billion increase on September 22, 2011, and a third, $1,200 billion increase took place on January 28, 2012. \nFederal debt again reached its limit on December 31, 2012. Extraordinary measures were again used to allow payment of government obligations until February 4, 2013, when H.R. 325, which suspended the debt limit until May 19, 2013, was signed into law (P.L. 113-3), which reset extraordinary measures. On October 16, 2013, enactment of a continuing resolution (H.R. 2775; P.L. 113-46) resolved a funding lapse and suspended the debt limit through February 7, 2014. On February 15, 2014, a measure to suspend the debt limit (S. 540; P.L. 113-83) through March 15, 2015, was enacted. On November 2, 2015, the Bipartisan Budget Act of 2015 (BBA2015; H.R. 1314; P.L. 114-74) was enacted, which suspended the debt limit through March 15, 2017, and relaxed some discretionary spending limits.\nOn March 16, 2017, the debt limit was reset at $19,809 billion, and Treasury Secretary Mnuchin notified Congress that he had invoked authorities to use extraordinary measures. On September 6, 2017, an agreement on the debt limit and a continuing resolution was announced between President Trump and congressional leaders. Two days later a measure (P.L. 115-56) was enacted to implement that agreement, which included a suspension of the debt limit through December 8, 2017. Once that suspension lapsed\u2014with a new debt limit set at $20,456 billion\u2014Treasury Secretary Mnuchin invoked authorities to employ extraordinary measures, which estimates had suggested would last until early March. The debt limit issue was addressed when the Bipartisan Budget Act of 2018 (BBA 2018; P.L. 115-123) was enacted on February 9, 2018. Section 30301 of the BBA 2018 suspended the debt limit through March 1, 2019. \nTotal federal debt increases when the government sells debt to the public to finance budget deficits, which adds to debt held by the public, or when the federal government issues debt to certain government accounts, such as the Social Security, Medicare, and Transportation trust funds, in exchange for their reported surpluses\u2014which adds to debt held by government accounts; or when new federal loans outpace loan repayments. The sum of debt held by the public and debt held by government accounts is the total federal debt. Surpluses reduce debt held by the public, while deficits raise it.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "https://www.crs.gov/Reports/R43389", "sha1": "bcec07df73bd4aaa52eb96c3dfae04ee2ecc9438", "filename": "files/20190701_R43389_bcec07df73bd4aaa52eb96c3dfae04ee2ecc9438.html", "images": { "/products/Getimages/?directory=R/html/R43389_files&id=/1.png": "files/20190701_R43389_images_3a6f48fc8afab92ad38e3247130c7d128e913a38.png", "/products/Getimages/?directory=R/html/R43389_files&id=/0.png": "files/20190701_R43389_images_4469ac204bf2fcd60f0cee1949affccd32bead05.png" } }, { "format": "PDF", "encoding": null, "url": "https://www.crs.gov/Reports/pdf/R43389", "sha1": "71edf6c2ec8bc5a96a6e7c3c3b1c8298ea23c40b", "filename": "files/20190701_R43389_71edf6c2ec8bc5a96a6e7c3c3b1c8298ea23c40b.pdf", "images": {} } ], "topics": [] }, { "source": "EveryCRSReport.com", "id": 593414, "date": "2019-03-05", "retrieved": "2019-04-17T14:06:47.014933", "title": "The Debt Limit Since 2011", "summary": "The Constitution grants Congress the power to borrow money on the credit of the United States\u2014one part of its power of the purse\u2014and thus mandates that Congress exercise control over federal debt. Control of debt policy has at times provided Congress with a means of raising concerns regarding fiscal policies. Debates over federal fiscal policy have been especially animated in the past decade, in part because of the accumulation of federal debt in the wake of the 2007-2008 financial crisis and subsequent recession. Rising debt levels, along with continued differences in views of fiscal policy, led to a series of contentious debt limit episodes in recent years. \nThe most recent suspension of the debt limit lapsed after March 1, 2019. The limit was then reset at $21.988 trillion, a level that accommodates federal obligations incurred during the suspension period. U.S. Treasury Secretary Steven Mnuchin invoked extraordinary authorities on March 4, 2019. CBO estimates that Treasury could meet federal obligations until just before or just after October 1, 2019. One private estimate suggests Treasury could cover federal payments until mid-August, if not later. Such estimates are subject to considerable uncertainty.\nThe 2011 debt limit episode was resolved on August 2, 2011, when President Obama signed the Budget Control Act of 2011 (BCA; S. 365; P.L. 112-25). The BCA included provisions aimed at deficit reduction and allowing the debt limit to rise in three stages, the latter two subject to congressional disapproval. Once the BCA was enacted, a presidential certification triggered a $400 billion increase. A second certification led to a $500 billion increase on September 22, 2011, and a third, $1,200 billion increase took place on January 28, 2012. \nFederal debt again reached its limit on December 31, 2012. Extraordinary measures were again used to allow payment of government obligations until February 4, 2013, when H.R. 325, which suspended the debt limit until May 19, 2013, was signed into law (P.L. 113-3), which reset extraordinary measures. On October 16, 2013, enactment of a continuing resolution (H.R. 2775; P.L. 113-46) resolved a funding lapse and suspended the debt limit through February 7, 2014. On February 15, 2014, a measure to suspend the debt limit (S. 540; P.L. 113-83) through March 15, 2015, was enacted. On November 2, 2015, the Bipartisan Budget Act of 2015 (BBA2015; H.R. 1314; P.L. 114-74) was enacted, which suspended the debt limit through March 15, 2017, and relaxed some discretionary spending limits.\nOn March 16, 2017, the debt limit was reset at $19,809 billion, and Treasury Secretary Mnuchin notified Congress that he had invoked authorities to use extraordinary measures. On September 6, 2017, an agreement on the debt limit and a continuing resolution was announced between President Trump and congressional leaders. Two days later a measure (P.L. 115-56) was enacted to implement that agreement, which included a suspension of the debt limit through December 8, 2017. Once that suspension lapsed\u2014with a new debt limit set at $20,456 billion\u2014Treasury Secretary Mnuchin invoked authorities to employ extraordinary measures, which estimates had suggested would last until early March. The debt limit issue was addressed when the Bipartisan Budget Act of 2018 (BBA 2018; P.L. 115-123) was enacted on February 9, 2018. Section 30301 of the BBA 2018 suspended the debt limit through March 1, 2019. \nTotal federal debt increases when the government sells debt to the public to finance budget deficits, which adds to debt held by the public, or when the federal government issues debt to certain government accounts, such as the Social Security, Medicare, and Transportation trust funds, in exchange for their reported surpluses\u2014which adds to debt held by government accounts; or when new federal loans outpace loan repayments. The sum of debt held by the public and debt held by government accounts is the total federal debt. Surpluses reduce debt held by the public, while deficits raise it.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "https://www.crs.gov/Reports/R43389", "sha1": "f20482dbb6c5c2fade3359a9309b23979f155e5b", "filename": "files/20190305_R43389_f20482dbb6c5c2fade3359a9309b23979f155e5b.html", "images": { "/products/Getimages/?directory=R/html/R43389_files&id=/1.png": "files/20190305_R43389_images_3a6f48fc8afab92ad38e3247130c7d128e913a38.png", "/products/Getimages/?directory=R/html/R43389_files&id=/0.png": "files/20190305_R43389_images_4469ac204bf2fcd60f0cee1949affccd32bead05.png" } }, { "format": "PDF", "encoding": null, "url": "https://www.crs.gov/Reports/pdf/R43389", "sha1": "d6ab2c33f68ab1d7d613cbb71e0cb2db066ed41b", "filename": "files/20190305_R43389_d6ab2c33f68ab1d7d613cbb71e0cb2db066ed41b.pdf", "images": {} } ], "topics": [] }, { "source": "EveryCRSReport.com", "id": 589048, "date": "2018-12-20", "retrieved": "2019-01-03T14:13:12.347567", "title": "The Debt Limit Since 2011", "summary": "The Constitution grants Congress the power to borrow money on the credit of the United States\u2014one part of its power of the purse\u2014and thus mandates that Congress exercise control over federal debt. Control of debt policy has at times provided Congress with a means of raising concerns regarding fiscal policies. Debates over federal fiscal policy have been especially animated in the past decade, in part because of the accumulation of federal debt in the wake of the 2007-2008 financial crisis and subsequent recession. Rising debt levels, along with continued differences in views of fiscal policy, led to a series of contentious debt limit episodes in recent years. \nThe debt limit is currently suspended through March 1, 2019. The limit will then be reset at a level that accommodates federal obligations incurred during the suspension period. The U.S. Treasury will then use cash balances, incoming revenues, and extraordinary measures to meet federal obligations. One estimate suggests those resources would suffice to cover federal payments until August, if not later.\nThe 2011 debt limit episode was resolved on August 2, 2011, when President Obama signed the Budget Control Act of 2011 (BCA; S. 365; P.L. 112-25). The BCA included provisions aimed at deficit reduction and allowing the debt limit to rise in three stages, the latter two subject to congressional disapproval. Once the BCA was enacted, a presidential certification triggered a $400 billion increase. A second certification led to a $500 billion increase on September 22, 2011, and a third, $1,200 billion increase took place on January 28, 2012. \nFederal debt again reached its limit on December 31, 2012. Extraordinary measures were again used to allow payment of government obligations until February 4, 2013, when H.R. 325, which suspended the debt limit until May 19, 2013, was signed into law (P.L. 113-3), which reset extraordinary measures. On October 16, 2013, enactment of a continuing resolution (H.R. 2775; P.L. 113-46) resolved a funding lapse and suspended the debt limit through February 7, 2014. On February 15, 2014, a measure to suspend the debt limit (S. 540; P.L. 113-83) through March 15, 2015, was enacted. On November 2, 2015, the Bipartisan Budget Act of 2015 (BBA2015; H.R. 1314; P.L. 114-74) was enacted, which suspended the debt limit through March 15, 2017, and relaxed some discretionary spending limits.\nOn March 16, 2017, the debt limit was reset at $19,809 billion, and Treasury Secretary Steven Mnuchin notified Congress that he had invoked authorities to use extraordinary measures. On September 6, 2017, an agreement on the debt limit and a continuing resolution was announced between President Trump and congressional leaders. Two days later a measure (P.L. 115-56) was enacted to implement that agreement, which included a suspension of the debt limit through December 8, 2017. Once that suspension lapsed\u2014with a new debt limit set at $20,456 billion\u2014Treasury Secretary Mnuchin invoked authorities to employ extraordinary measures, which estimates had suggested would last until early March. The debt limit issue was addressed when the Bipartisan Budget Act of 2018 (BBA 2018; P.L. 115-123) was enacted on February 9, 2018. Section 30301 of the BBA 2018 suspended the debt limit through March 1, 2019. \nTotal federal debt increases when the government sells debt to the public to finance budget deficits, which adds to debt held by the public, or when the federal government issues debt to certain government accounts, such as the Social Security, Medicare, and Transportation trust funds, in exchange for their reported surpluses\u2014which adds to debt held by government accounts; or when new federal loans outpace loan repayments. The sum of debt held by the public and debt held by government accounts is the total federal debt. Surpluses reduce debt held by the public, while deficits raise it.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R43389", "sha1": "7b758e76925414f930c8d96bbb16ddb0956f5c26", "filename": "files/20181220_R43389_7b758e76925414f930c8d96bbb16ddb0956f5c26.html", "images": { "/products/Getimages/?directory=R/html/R43389_files&id=/1.png": "files/20181220_R43389_images_d75fb4b614ef4e77a66d5f218bb2de30aeef7480.png", "/products/Getimages/?directory=R/html/R43389_files&id=/0.png": "files/20181220_R43389_images_4469ac204bf2fcd60f0cee1949affccd32bead05.png" } }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R43389", "sha1": "a9cf2e562d5a8d51934217f67a80f35f36e4af87", "filename": "files/20181220_R43389_a9cf2e562d5a8d51934217f67a80f35f36e4af87.pdf", "images": {} } ], "topics": [] }, { "source": "EveryCRSReport.com", "id": 584775, "date": "2018-03-29", "retrieved": "2018-09-12T23:09:26.005467", "title": "The Debt Limit Since 2011", "summary": "The Constitution grants Congress the power to borrow money on the credit of the United States\u2014one part of its power of the purse\u2014and thus mandates that Congress exercise control over federal debt. Control of debt policy has at times provided Congress with a means of raising concerns regarding fiscal policies. Debates over federal fiscal policy have been especially animated in recent years. The accumulation of federal debt accelerated in the wake of the 2007-2008 financial crisis and subsequent recession. Rising debt levels, along with continued differences in views of fiscal policy, led to a series of contentious debt limit episodes in recent years. \nThe 2011 debt limit episode was resolved on August 2, 2011, when President Obama signed the Budget Control Act of 2011 (BCA; S. 365; P.L. 112-25). The BCA included provisions aimed at deficit reduction and allowing the debt limit to rise in three stages, the latter two subject to congressional disapproval. Once the BCA was enacted, a presidential certification triggered a $400 billion increase. A second certification led to a $500 billion increase on September 22, 2011, and a third, $1,200 billion increase took place on January 28, 2012. \nFederal debt again reached its limit on December 31, 2012. Extraordinary measures were again used to allow payment of government obligations until February 4, 2013, when H.R. 325, which suspended the debt limit until May 19, 2013, was signed into law (P.L. 113-3). On that date, extraordinary measures were reset, which would have lasted until October 17, 2013, according to Treasury estimates issued in late September 2013. On October 16, 2013, enactment of a continuing resolution (H.R. 2775; P.L. 113-46) resolved a funding lapse and suspended the debt limit through February 7, 2014. On February 15, 2014, a measure to suspend the debt limit (S. 540; P.L. 113-83) through March 15, 2015, was enacted. Once that debt limit suspension lapsed after March 15, 2015, the limit was reset at $18.1 trillion. On November 2, 2015, the Bipartisan Budget Act of 2015 (BBA2015; H.R. 1314; P.L. 114-74) was enacted, which suspended the debt limit through March 15, 2017, and relaxed some discretionary spending limits.\nOn March 16, 2017, the debt limit was reset at $19,809 billion and Treasury Secretary Steven Mnuchin notified Congress that he had invoked authorities to use extraordinary measures. On July 28, 2017, Treasury Secretary Mnuchin notified Congress that extraordinary measures would be used until September 29, 2017, and urged action before that date. On September 6, 2017, an agreement on the debt limit and a continuing resolution was announced between President Trump and congressional leaders. Two days later a measure (P.L. 115-56) was enacted to implement that agreement, which included a suspension of the debt limit through December 8, 2017. \nOnce that suspension lapsed\u2014with a new debt limit set at $20,456 billion\u2014Treasury Secretary Mnuchin invoked authorities to employ extraordinary measures, which estimates had suggested would last until early March. The debt limit issue was addressed when the Bipartisan Budget Act of 2018 (BBA 2018; P.L. 115-123) was enacted on February 9, 2018. Section 30301 of the BBA 2018 suspended the debt limit through March 1, 2019. The limit will be reset on the following day at a level that accommodates federal obligations during the suspension period.\nTotal federal debt increases when the government sells debt to the public to finance budget deficits, which adds to debt held by the public, or when the federal government issues debt to certain government accounts, such as the Social Security, Medicare, and Transportation trust funds, in exchange for their reported surpluses\u2014which adds to debt held by government accounts; or when new federal loans outpace loan repayments. The sum of debt held by the public and debt held by government accounts is the total federal debt. Surpluses reduce debt held by the public, while deficits raise it. This report will be updated as events warrant.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R43389", "sha1": "2faa7753af59b41f58567e243d2544c8cbb88649", "filename": "files/20180329_R43389_2faa7753af59b41f58567e243d2544c8cbb88649.html", "images": { "/products/Getimages/?directory=R/html/R43389_files&id=/1.png": "files/20180329_R43389_images_d75fb4b614ef4e77a66d5f218bb2de30aeef7480.png", "/products/Getimages/?directory=R/html/R43389_files&id=/0.png": "files/20180329_R43389_images_696d5cfcdc24179fa5d0d08001b65de67de84a4b.png" } }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R43389", "sha1": "ae0932bbb058a719cb44d5f916341bd4d1f546e0", "filename": "files/20180329_R43389_ae0932bbb058a719cb44d5f916341bd4d1f546e0.pdf", "images": {} } ], "topics": [] }, { "source": "EveryCRSReport.com", "id": 578162, "date": "2018-02-02", "retrieved": "2018-02-06T23:46:35.900725", "title": "The Debt Limit Since 2011", "summary": "The Constitution grants Congress the power to borrow money on the credit of the United States\u2014one part of its power of the purse\u2014and thus mandates that Congress exercise control over federal debt. Control of debt policy has at times provided Congress with a means of raising concerns regarding fiscal policies. Debates over federal fiscal policy have been especially animated in recent years. The accumulation of federal debt accelerated in the wake of the 2007-2008 financial crisis and subsequent recession. Rising debt levels, along with continued differences in views of fiscal policy, led to a series of contentious debt limit episodes in recent years. \nThe 2011 debt limit episode was resolved on August 2, 2011, when President Obama signed the Budget Control Act of 2011 (BCA; S. 365; P.L. 112-25). The BCA included provisions aimed at deficit reduction and allowing the debt limit to rise in three stages, the latter two subject to congressional disapproval. Once the BCA was enacted, a presidential certification triggered a $400 billion increase. A second certification led to a $500 billion increase on September 22, 2011, and a third, $1,200 billion increase took place on January 28, 2012. \nFederal debt again reached its limit on December 31, 2012. Extraordinary measures were again used to allow payment of government obligations until February 4, 2013, when H.R. 325, which suspended the debt limit until May 19, 2013, was signed into law (P.L. 113-3). On that date, extraordinary measures were reset, which would have lasted until October 17, 2013, according to Treasury estimates issued in late September 2013. On October 16, 2013, enactment of a continuing resolution (H.R. 2775; P.L. 113-46) resolved a funding lapse and suspended the debt limit through February 7, 2014. On February 15, 2014, a measure to suspend the debt limit (S. 540; P.L. 113-83) through March 15, 2015, was enacted. Once that debt limit suspension lapsed after March 15, 2015, the limit was reset at $18.1 trillion. On November 2, 2015, the Bipartisan Budget Act of 2015 (BBA2015; H.R. 1314; P.L. 114-74) was enacted, which suspended the debt limit through March 15, 2017, and relaxed some discretionary spending limits.\nOn March 16, 2017, the debt limit was reset at $19,809 billion and Treasury Secretary Steven Mnuchin notified Congress that he had invoked authorities to use extraordinary measures. On June 28, 2017, Treasury Secretary Mnuchin notified Congress that extraordinary measures would be used until September 29, 2017, and urged action before that date. On September 3, 2017, Secretary Mnuchin argued that a debt limit measure should be tied to legislation responding to Hurricane Harvey. \nOn September 6, 2017, an agreement on the debt limit and a continuing resolution was announced between President Trump and congressional leaders. Two days later a measure (P.L. 115-56) was enacted to implement that agreement, which included a suspension of the debt limit through December 8, 2017. Once that suspension lapsed, Treasury Secretary Mnuchin invoked authorities to employ extraordinary measures. Recent estimates suggest those would last until sometime in early March. Secretary Mnuchin has written to congressional leaders requesting action on the debt limit before the end of February 2018.\nTotal federal debt increases when the government sells debt to the public to finance budget deficits, which adds to debt held by the public, or when the federal government issues debt to certain government accounts, such as the Social Security, Medicare, and Transportation trust funds, in exchange for their reported surpluses\u2014which adds to debt held by government accounts; or when new federal loans outpace loan repayments. The sum of debt held by the public and debt held by government accounts is the total federal debt. Surpluses reduce debt held by the public, while deficits raise it. This report will be updated as events warrant.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R43389", "sha1": "42dc6842b425205e6fce1e45aaaf3f83561a1df0", "filename": "files/20180202_R43389_42dc6842b425205e6fce1e45aaaf3f83561a1df0.html", "images": { "/products/Getimages/?directory=R/html/R43389_files&id=/1.png": "files/20180202_R43389_images_d75fb4b614ef4e77a66d5f218bb2de30aeef7480.png", "/products/Getimages/?directory=R/html/R43389_files&id=/0.png": "files/20180202_R43389_images_696d5cfcdc24179fa5d0d08001b65de67de84a4b.png" } }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R43389", "sha1": "f3243434b7055aa2e1849e1fb32020f5c152e6ea", "filename": "files/20180202_R43389_f3243434b7055aa2e1849e1fb32020f5c152e6ea.pdf", "images": {} } ], "topics": [] }, { "source": "EveryCRSReport.com", "id": 577708, "date": "2018-01-19", "retrieved": "2018-01-26T14:24:10.880915", "title": "The Debt Limit Since 2011", "summary": "The Constitution grants Congress the power to borrow money on the credit of the United States\u2014one part of its power of the purse\u2014and thus mandates that Congress exercise control over federal debt. Control of debt policy has at times provided Congress with a means of raising concerns regarding fiscal policies. Debates over federal fiscal policy have been especially animated in recent years. The accumulation of federal debt accelerated in the wake of the 2007-2008 financial crisis and subsequent recession. Rising debt levels, along with continued differences in views of fiscal policy, led to a series of contentious debt limit episodes in recent years. \nThe 2011 debt limit episode was resolved on August 2, 2011, when President Obama signed the Budget Control Act of 2011 (BCA; S. 365; P.L. 112-25). The BCA included provisions aimed at deficit reduction and allowing the debt limit to rise in three stages, the latter two subject to congressional disapproval. Once the BCA was enacted, a presidential certification triggered a $400 billion increase. A second certification led to a $500 billion increase on September 22, 2011, and a third, $1,200 billion increase took place on January 28, 2012. \nFederal debt again reached its limit on December 31, 2012. Extraordinary measures were again used to allow payment of government obligations until February 4, 2013, when H.R. 325, which suspended the debt limit until May 19, 2013, was signed into law (P.L. 113-3). On that date, extraordinary measures were reset, which would have lasted until October 17, 2013, according to Treasury estimates issued in late September 2013. On October 16, 2013, enactment of a continuing resolution (H.R. 2775; P.L. 113-46) resolved a funding lapse and suspended the debt limit through February 7, 2014. On February 15, 2014, a measure to suspend the debt limit (S. 540; P.L. 113-83) through March 15, 2015, was enacted. Once that debt limit suspension lapsed after March 15, 2015, the limit was reset at $18.1 trillion. On November 2, 2015, the Bipartisan Budget Act of 2015 (BBA2015; H.R. 1314; P.L. 114-74) was enacted, which suspended the debt limit through March 15, 2017, and relaxed some discretionary spending limits.\nOn March 16, 2017, the debt limit was reset at $19,809 billion and Treasury Secretary Steven Mnuchin notified Congress that he had invoked authorities to use extraordinary measures. On June 28, 2017, Treasury Secretary Mnuchin notified Congress that extraordinary measures would be used until September 29, 2017, and urged action before that date. On September 3, 2017, Secretary Mnuchin argued that a debt limit measure should be tied to legislation responding to Hurricane Harvey. \nOn September 6, 2017, an agreement on the debt limit and a continuing resolution was announced between President Trump and congressional leaders. Two days later a measure (P.L. 115-56) was enacted to implement that agreement, which included a suspension of the debt limit through December 8, 2017. Once that suspension lapsed, Treasury Secretary Mnuchin invoked authorities to employ extraordinary measures. One recent estimate suggests those would last until sometime in early March and another indicated the critical date could fall between late February and late March 2018. Secretary Mnuchin reportedly asked some congressional leaders to act on the debt limit before the end of February 2018.\nTotal federal debt increases when the government sells debt to the public to finance budget deficits, which adds to debt held by the public, or when the federal government issues debt to certain government accounts, such as the Social Security, Medicare, and Transportation trust funds, in exchange for their reported surpluses\u2014which adds to debt held by government accounts; or when new federal loans outpace loan repayments. The sum of debt held by the public and debt held by government accounts is the total federal debt. Surpluses reduce debt held by the public, while deficits raise it. This report will be updated as events warrant.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R43389", "sha1": "2ffc966b73e9fbb0ff6b184717cd4de204d622fe", "filename": "files/20180119_R43389_2ffc966b73e9fbb0ff6b184717cd4de204d622fe.html", "images": { "/products/Getimages/?directory=R/html/R43389_files&id=/1.png": "files/20180119_R43389_images_d75fb4b614ef4e77a66d5f218bb2de30aeef7480.png", "/products/Getimages/?directory=R/html/R43389_files&id=/0.png": "files/20180119_R43389_images_696d5cfcdc24179fa5d0d08001b65de67de84a4b.png" } }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R43389", "sha1": "18886cb0ffbb33a4faa1bfa044ee1e37daaa9f15", "filename": "files/20180119_R43389_18886cb0ffbb33a4faa1bfa044ee1e37daaa9f15.pdf", "images": {} } ], "topics": [] }, { "source": "EveryCRSReport.com", "id": 577640, "date": "2018-01-10", "retrieved": "2018-01-18T14:11:55.062459", "title": "The Debt Limit Since 2011", "summary": "The Constitution grants Congress the power to borrow money on the credit of the United States\u2014one part of its power of the purse\u2014and thus mandates that Congress exercise control over federal debt. Control of debt policy has at times provided Congress with a means of raising concerns regarding fiscal policies. Debates over federal fiscal policy have been especially animated in recent years. The accumulation of federal debt accelerated in the wake of the 2007-2008 financial crisis and subsequent recession. Rising debt levels, along with continued differences in views of fiscal policy, led to a series of contentious debt limit episodes in recent years. \nThe 2011 debt limit episode was resolved on August 2, 2011, when President Obama signed the Budget Control Act of 2011 (BCA; S. 365; P.L. 112-25). The BCA included provisions aimed at deficit reduction and allowing the debt limit to rise in three stages, the latter two subject to congressional disapproval. Once the BCA was enacted, a presidential certification triggered a $400 billion increase. A second certification led to a $500 billion increase on September 22, 2011, and a third, $1,200 billion increase took place on January 28, 2012. \nFederal debt again reached its limit on December 31, 2012. Extraordinary measures were again used to allow payment of government obligations until February 4, 2013, when H.R. 325, which suspended the debt limit until May 19, 2013, was signed into law (P.L. 113-3). On that date, extraordinary measures were reset, which would have lasted until October 17, 2013, according to Treasury estimates issued in late September 2013. On October 16, 2013, enactment of a continuing resolution (H.R. 2775; P.L. 113-46) resolved a funding lapse and suspended the debt limit through February 7, 2014. On February 15, 2014, a measure to suspend the debt limit (S. 540; P.L. 113-83) through March 15, 2015, was enacted. Once that debt limit suspension lapsed after March 15, 2015, the limit was reset at $18.1 trillion. On November 2, 2015, the Bipartisan Budget Act of 2015 (BBA2015; H.R. 1314; P.L. 114-74) was enacted, which suspended the debt limit through March 15, 2017, and relaxed some discretionary spending limits.\nOn March 16, 2017, the debt limit was reset at $19,809 billion and Treasury Secretary Steven Mnuchin notified Congress that he had invoked authorities to use extraordinary measures. On June 28, 2017, Treasury Secretary Mnuchin notified Congress that extraordinary measures would be used until September 29, 2017, and urged action before that date. On September 3, 2017, Secretary Mnuchin argued that a debt limit measure should be tied to legislation responding to Hurricane Harvey. \nOn September 6, 2017, an agreement on the debt limit and a continuing resolution was announced between President Trump and congressional leaders. Two days later a measure (P.L. 115-56) was enacted to implement that agreement, which included a suspension of the debt limit through December 8, 2017. Once that suspension lapsed, Treasury Secretary Mnuchin invoked authorities to employ extraordinary measures, which are estimated to last until sometime in late March or early April 2018. Secretary Mnuchin reportedly asked some congressional leaders to act on the debt limit before the end of February 2018.\nTotal federal debt increases when the government sells debt to the public to finance budget deficits, which adds to debt held by the public, or when the federal government issues debt to certain government accounts, such as the Social Security, Medicare, and Transportation trust funds, in exchange for their reported surpluses\u2014which adds to debt held by government accounts; or when new federal loans outpace loan repayments. The sum of debt held by the public and debt held by government accounts is the total federal debt. Surpluses reduce debt held by the public, while deficits raise it. This report will be updated as events warrant.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R43389", "sha1": "30f56da830900cedefc0f8c27e478be1dc6c21e2", "filename": "files/20180110_R43389_30f56da830900cedefc0f8c27e478be1dc6c21e2.html", "images": { "/products/Getimages/?directory=R/html/R43389_files&id=/1.png": "files/20180110_R43389_images_d75fb4b614ef4e77a66d5f218bb2de30aeef7480.png", "/products/Getimages/?directory=R/html/R43389_files&id=/0.png": "files/20180110_R43389_images_696d5cfcdc24179fa5d0d08001b65de67de84a4b.png" } }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R43389", "sha1": "a95a058298a1455ee567c446e886b922ecc5bbc0", "filename": "files/20180110_R43389_a95a058298a1455ee567c446e886b922ecc5bbc0.pdf", "images": {} } ], "topics": [] }, { "source": "EveryCRSReport.com", "id": 465786, "date": "2017-09-13", "retrieved": "2017-10-02T22:27:37.929618", "title": "The Debt Limit Since 2011", "summary": "The Constitution grants Congress the power to borrow money on the credit of the United States\u2014one part of its power of the purse\u2014and thus mandates that Congress exercise control over federal debt. Control of debt policy has at times provided Congress with a means of raising concerns regarding fiscal policies. Debates over federal fiscal policy have been especially animated in recent years. The accumulation of federal debt accelerated in the wake of the 2007-2008 financial crisis and subsequent recession. Rising debt levels, along with continued differences in views of fiscal policy, led to a series of contentious debt limit episodes in recent years. \nThe 2011 debt limit episode was resolved on August 2, 2011, when President Obama signed the Budget Control Act of 2011 (BCA; S. 365; P.L. 112-25). The BCA included provisions aimed at deficit reduction and allowing the debt limit to rise in three stages, the latter two subject to congressional disapproval. Once the BCA was enacted, a presidential certification triggered a $400 billion increase. A second certification led to a $500 billion increase on September 22, 2011, and a third, $1,200 billion increase took place on January 28, 2012. \nFederal debt again reached its limit on December 31, 2012. Extraordinary measures were again used to allow payment of government obligations until February 4, 2013, when H.R. 325, which suspended the debt limit until May 19, 2013, was signed into law (P.L. 113-3). On that date, extraordinary measures were reset, which would have lasted until October 17, 2013, according to Treasury estimates issued in late September 2013. On October 16, 2013, enactment of a continuing resolution (H.R. 2775; P.L. 113-46) resolved a funding lapse and suspended the debt limit through February 7, 2014. On February 15, 2014, a measure to suspend the debt limit (S. 540; P.L. 113-83) through March 15, 2015, was enacted. Once that debt limit suspension lapsed after March 15, 2015, the limit was reset at $18.1 trillion. On November 2, 2015, the Bipartisan Budget Act of 2015 (BBA2015; H.R. 1314; P.L. 114-74) was enacted, which suspended the debt limit through March 15, 2017, and relaxed some discretionary spending limits.\nOn March 16, 2017, the debt limit was reset at $19,809 billion and Treasury Secretary Steven Mnuchin notified Congress that he had invoked authorities to use extraordinary measures. On June 28, 2017, Treasury Secretary Mnuchin notified Congress that extraordinary measures would be used until September 29, 2017, and urged action before that date. On September 3, 2017, Secretary Mnuchin argued that a debt limit measure should be tied to legislation responding to Hurricane Harvey. On September 6, 2017, an agreement on the debt limit and a continuing resolution was announced between President Trump and congressional leaders. The next day, the Senate approved an amended version of H.R. 601, which included a suspension of the debt limit through December 8, 2017. On September 8, 2017, the House agreed to the amended measure, which the President signed the same day (P.L. 115-56). Once the debt limit suspension lapses in December 2017, the Treasury Secretary may again invoke authorities to use extraordinary measures, which would likely suffice to meet federal obligations well into 2018.\nTotal federal debt increases when the government sells debt to the public to finance budget deficits, which adds to debt held by the public, or when the federal government issues debt to certain government accounts, such as the Social Security, Medicare, and Transportation trust funds, in exchange for their reported surpluses\u2014which adds to debt held by government accounts; or when new federal loans outpace loan repayments. The sum of debt held by the public and debt held by government accounts is the total federal debt. Surpluses reduce debt held by the public, while deficits raise it. This report will be updated as events warrant.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R43389", "sha1": "06637c08ebb39668d8e760bc35c439b978838a8d", "filename": "files/20170913_R43389_06637c08ebb39668d8e760bc35c439b978838a8d.html", "images": { "/products/Getimages/?directory=R/html/R43389_files&id=/1.png": "files/20170913_R43389_images_d75fb4b614ef4e77a66d5f218bb2de30aeef7480.png", "/products/Getimages/?directory=R/html/R43389_files&id=/0.png": "files/20170913_R43389_images_696d5cfcdc24179fa5d0d08001b65de67de84a4b.png" } }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R43389", "sha1": "f2103ffb063f4e8cc6db832376db213555e4d691", "filename": "files/20170913_R43389_f2103ffb063f4e8cc6db832376db213555e4d691.pdf", "images": {} } ], "topics": [] }, { "source": "EveryCRSReport.com", "id": 463170, "date": "2017-08-09", "retrieved": "2017-08-16T15:34:51.940553", "title": "The Debt Limit Since 2011", "summary": "The Constitution grants Congress the power to borrow money on the credit of the United States\u2014one part of its power of the purse\u2014and thus mandates that Congress exercise control over federal debt. Control of debt policy has at times provided Congress with a means of raising concerns regarding fiscal policies. Debates over federal fiscal policy have been especially animated in recent years. The accumulation of federal debt accelerated in the wake of the 2007-2008 financial crisis and subsequent recession. Rising debt levels, along with continued differences in views of fiscal policy, led to a series of contentious debt limit episodes in recent years. \nThe 2011 debt limit episode was resolved on August 2, 2011, when President Obama signed the Budget Control Act of 2011 (BCA; S. 365; P.L. 112-25). The BCA included provisions aimed at deficit reduction and allowing the debt limit to rise in three stages, the latter two subject to congressional disapproval. Once the BCA was enacted, a presidential certification triggered a $400 billion increase. A second certification led to a $500 billion increase on September 22, 2011, and a third, $1,200 billion increase took place on January 28, 2012. \nFederal debt again reached its limit on December 31, 2012. Extraordinary measures were again used to allow payment of government obligations until February 4, 2013, when H.R. 325, which suspended the debt limit until May 19, 2013, was signed into law (P.L. 113-3). On that date, extraordinary measures were reset, which would have lasted until October 17, 2013, according to Treasury estimates issued in late September 2013. On October 16, 2013, enactment of a continuing resolution (H.R. 2775; P.L. 113-46) resolved a funding lapse and suspended the debt limit through February 7, 2014. On February 15, 2014, a measure to suspend the debt limit (S. 540; P.L. 113-83) through March 15, 2015, was enacted. Once that debt limit suspension lapsed after March 15, 2015, the limit was reset at $18.1 trillion. On October 15, 2015, Treasury Secretary Jacob Lew stated that extraordinary measures would be exhausted no later than November 3, 2015, although a relatively small cash reserve would be on hand. Lower tax receipts and higher trust fund inflows, however, reduced Treasury\u2019s headroom more than had been expected. The Bipartisan Budget Act of 2015 (BBA2015; H.R. 1314; P.L. 114-74), which relaxed certain discretionary spending limits, suspended the debt limit through March 15, 2017.\nOn March 16, 2017, the debt limit was reset at $19,809 billion and Treasury Secretary Steven Mnuchin notified Congress that he had invoked authorities to use extraordinary measures. CBO estimated that those measures could meet federal obligations until sometime in the fall of 2017, although in May 2017, Administration officials said slower than expected growth in revenues could require earlier action. Some independent analysts still expect that the U.S. Treasury could meet federal obligations until sometime in early October 2017. On June 28, 2017, Treasury Secretary Mnuchin notified Congress that extraordinary measures would be used until September 29, 2017, and urged action before that date.\nTotal federal debt increases when the government sells debt to the public to finance budget deficits, which adds to debt held by the public, or when the federal government issues debt to certain government accounts, such as the Social Security, Medicare, and Transportation trust funds, in exchange for their reported surpluses\u2014which adds to debt held by government accounts; or when new federal loans outpace loan repayments. The sum of debt held by the public and debt held by government accounts is the total federal debt. Surpluses reduce debt held by the public, while deficits raise it. This report will be updated as events warrant.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R43389", "sha1": "b0bdb5bc1983f5d18a34c7aaf11e1d2a54c45ba5", "filename": "files/20170809_R43389_b0bdb5bc1983f5d18a34c7aaf11e1d2a54c45ba5.html", "images": null }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R43389", "sha1": "f1d1c6027f1997c33a28562b9b34a9377fb5307c", "filename": "files/20170809_R43389_f1d1c6027f1997c33a28562b9b34a9377fb5307c.pdf", "images": null } ], "topics": [] }, { "source": "EveryCRSReport.com", "id": 461655, "date": "2017-06-05", "retrieved": "2017-06-07T15:28:13.525917", "title": "The Debt Limit Since 2011", "summary": "The Constitution grants Congress the power to borrow money on the credit of the United States\u2014one part of its power of the purse\u2014and thus mandates that Congress exercise control over federal debt. Control of debt policy has at times provided Congress with a means of raising concerns regarding fiscal policies. Debates over federal fiscal policy have been especially animated in recent years. The accumulation of federal debt accelerated in the wake of the 2007-2008 financial crisis and subsequent recession. Rising debt levels, along with continued differences in views of fiscal policy, led to a series of contentious debt limit episodes in recent years. \nThe 2011 debt limit episode was resolved on August 2, 2011, when President Obama signed the Budget Control Act of 2011 (BCA; S. 365; P.L. 112-25). The BCA included provisions aimed at deficit reduction and allowing the debt limit to rise in three stages, the latter two subject to congressional disapproval. Once the BCA was enacted, a presidential certification triggered a $400 billion increase. A second certification led to a $500 billion increase on September 22, 2011, and a third, $1,200 billion increase took place on January 28, 2012. \nFederal debt again reached its limit on December 31, 2012. Extraordinary measures were again used to allow payment of government obligations until February 4, 2013, when H.R. 325, which suspended the debt limit until May 19, 2013, was signed into law (P.L. 113-3). On that date, extraordinary measures were reset, which would have lasted until October 17, 2013, according to Treasury estimates issued in late September 2013. On October 16, 2013, enactment of a continuing resolution (H.R. 2775; P.L. 113-46) resolved a funding lapse and suspended the debt limit through February 7, 2014. On February 15, 2014, a measure to suspend the debt limit (S. 540; P.L. 113-83) through March 15, 2015 was enacted. Once that debt limit suspension lapsed after March 15, 2015, the limit was reset at $18.1 trillion. On October 15, 2015, Treasury Secretary Jacob Lew stated that extraordinary measures would be exhausted no later than November 3, 2015, although a relatively small cash reserve would be on hand. Lower tax receipts and higher trust fund inflows, however, reduced Treasury\u2019s headroom more than had been expected. The Bipartisan Budget Act of 2015 (BBA2015; H.R. 1314; P.L. 114-74), which relaxed certain discretionary spending limits, suspended the debt limit through March 15, 2017.\nOn March 16, 2017, the debt limit was reset at $19,809 billion and Treasury Secretary Steven Mnuchin notified Congress that he had invoked authorities to use extraordinary measures. CBO estimated that those measures could meet federal obligations until sometime in the fall of 2017, although in May 2017, Administration officials said slower than expected growth in revenues could require earlier action. Some independent analysts still expect that the U.S. Treasury could meet federal obligations until sometime in the fall of 2017.\nTotal federal debt increases when the government sells debt to the public to finance budget deficits, which adds to debt held by the public, or when the federal government issues debt to certain government accounts, such as the Social Security, Medicare, and Transportation trust funds, in exchange for their reported surpluses\u2014which adds to debt held by government accounts; or when new federal loans outpace loan repayments. The sum of debt held by the public and debt held by government accounts is the total federal debt. Surpluses reduce debt held by the public, while deficits raise it. This report will be updated as events warrant.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R43389", "sha1": "8980d73fe90c11a6a59bb12e5f705b22adb9ec55", "filename": "files/20170605_R43389_8980d73fe90c11a6a59bb12e5f705b22adb9ec55.html", "images": null }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R43389", "sha1": "03a1755842f1f6e7207eb652df43a50c4293ddc1", "filename": "files/20170605_R43389_03a1755842f1f6e7207eb652df43a50c4293ddc1.pdf", "images": null } ], "topics": [] }, { "source": "EveryCRSReport.com", "id": 459733, "date": "2017-03-14", "retrieved": "2017-03-22T18:28:31.535553", "title": "The Debt Limit Since 2011", "summary": "The Constitution grants Congress the power to borrow money on the credit of the United States\u2014one part of its power of the purse\u2014and thus mandates that Congress exercise control over federal debt. Control of debt policy has at times provided Congress with a means of raising concerns regarding fiscal policies. Debates over federal fiscal policy have been especially animated in recent years. The accumulation of federal debt accelerated in the wake of the 2007-2008 financial crisis and subsequent recession. Rising debt levels, along with continued differences in views of fiscal policy, led to a series of contentious debt limit episodes in recent years. \nThe 2011 debt limit episode was resolved on August 2, 2011, when President Obama signed the Budget Control Act of 2011 (BCA; S. 365; P.L. 112-25). The BCA included provisions aimed at deficit reduction and allowing the debt limit to rise in three stages, the latter two subject to congressional disapproval. Once the BCA was enacted, a presidential certification triggered a $400 billion increase. A second certification led to a $500 billion increase on September 22, 2011, and a third, $1,200 billion increase took place on January 28, 2012. \nFederal debt again reached its limit on December 31, 2012. Extraordinary measures were again used to allow payment of government obligations until February 4, 2013, when H.R. 325, which suspended the debt limit until May 19, 2013, was signed into law (P.L. 113-3). On that date, extraordinary measures were reset, which would have lasted until October 17, 2013, according to Treasury estimates issued in late September 2013. On October 16, 2013, enactment of a continuing resolution (H.R. 2775; P.L. 113-46) resolved a funding lapse and suspended the debt limit through February 7, 2014. On February 15, 2014, a measure to suspend the debt limit (S. 540; P.L. 113-83) through March 15, 2015 was enacted. Once that debt limit suspension lapsed after March 15, 2015, the limit was reset at $18.1 trillion. On October 15, 2015, Treasury Secretary Jacob Lew stated that extraordinary measures would be exhausted no later than November 3, 2015, although a relatively small cash reserve would be on hand. Lower tax receipts and higher trust fund inflows, however, reduced Treasury\u2019s headroom more than had been expected. The Bipartisan Budget Act of 2015 (BBA2015; H.R. 1314; P.L. 114-74), which relaxed certain discretionary spending limits, suspended the debt limit through March 15, 2017.\nOn March 8, 2017, Treasury Secretary Steven Mnuchin notified Congress that extraordinary measures would again be used once the debt limit suspension expired after March 15. CBO estimated that those measures could meet federal obligations until sometime in the fall of 2017. \nTotal federal debt increases when the government sells debt to the public to finance budget deficits, which adds to debt held by the public, or when the federal government issues debt to certain government accounts, such as the Social Security, Medicare, and Transportation trust funds, in exchange for their reported surpluses\u2014which adds to debt held by government accounts; or when new federal loans outpace loan repayments. The sum of debt held by the public and debt held by government accounts is the total federal debt. Surpluses reduce debt held by the public, while deficits raise it. This report will be updated as events warrant.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R43389", "sha1": "aae51cf1884175701329d1f49e28ea009ac770ec", "filename": "files/20170314_R43389_aae51cf1884175701329d1f49e28ea009ac770ec.html", "images": null }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R43389", "sha1": "99d9ac5e0621cadbe5df3d9fda73c8c46ae4462c", "filename": "files/20170314_R43389_99d9ac5e0621cadbe5df3d9fda73c8c46ae4462c.pdf", "images": null } ], "topics": [] }, { "source": "EveryCRSReport.com", "id": 458958, "date": "2017-02-13", "retrieved": "2017-02-15T21:39:44.216387", "title": "The Debt Limit Since 2011", "summary": "The Constitution grants Congress the power to borrow money on the credit of the United States\u2014one part of its power of the purse\u2014and thus mandates that Congress exercise control over federal debt. Control of debt policy has at times provided Congress with a means of raising concerns regarding fiscal policies. Debates over federal fiscal policy have been especially animated in recent years. The accumulation of federal debt accelerated in the wake of the 2007-2008 financial crisis and subsequent recession. Rising debt levels, along with continued differences in views of fiscal policy, led to a series of contentious debt limit episodes in recent years. \nIn 2011, federal debt had reached its legal limit on May 16, prompting then Treasury Secretary Timothy Geithner to declare a debt issuance suspension period, allowing certain extraordinary measures to extend Treasury\u2019s borrowing capacity. That debt limit episode was resolved on August 2, 2011, when President Obama signed the Budget Control Act of 2011 (BCA; S. 365; P.L. 112-25). The BCA included provisions aimed at deficit reduction and allowing the debt limit to rise in three stages, the latter two subject to congressional disapproval. Once the BCA was enacted, a presidential certification triggered a $400 billion increase, raising the debt limit to $14,694 billion, and a second $500 billion increase on September 22, 2011, as a disapproval measure (H.J.Res. 77) only passed the House. A January 12, 2012, presidential certification triggered a third, $1,200 billion increase on January 28, 2012, although the House passed a disapproval measure. \nFederal debt again reached its limit on December 31, 2012, and extraordinary measures were then used to allow payment of government obligations until February 4, 2013, when H.R. 325, which suspended the debt limit until May 19, 2013, was signed into law (P.L. 113-3). As of May 19, the debt limit was set at $16,699 billion and extraordinary measures were again employed. On September 25, Treasury Secretary Lew notified Congress that the government would exhaust its borrowing capacity around October 17. On October 16, 2013, Congress passed and the President signed a continuing resolution (H.R. 2775; P.L. 113-46) that included a suspension of the debt limit that ended on February 7, 2014. Secretary Lew declared a debt issuance suspension period on February 10, 2014, scheduled to last until February 27, 2014. On February 11, 2014, the House voted to suspend the debt limit (S. 540; P.L. 113-83) through March 15, 2015. The Senate approved the measure the following day and the President signed it on February 15, 2014. \nThe debt limit was suspended through March 15, 2015. The next day the limit was set at $18.1 trillion and Treasury Secretary Jacob Lew invoked authorities to use extraordinary measures to meet federal obligations. On October 15, 2015, Secretary Lew stated that extraordinary measures would be exhausted no later than November 3, 2015, although a relatively small cash reserve would be on hand. Independent forecasts had expected that the U.S. Treasury could pay federal obligations until November 2015. Lower tax receipts and higher trust fund investments, however, reduced Treasury\u2019s headroom more than had been expected. On October 28, 2015, the House concurred with Senate amendments to H.R. 1314, as amended, known as the Bipartisan Budget Act of 2015, which would suspend the debt limit until March 15, 2017. The Senate approved the measure on October 30, 2015, and the President signed it (P.L. 114-74) three days later.\nTotal federal debt increases when the government sells debt to the public to finance budget deficits, which adds to debt held by the public, or when the federal government issues debt to certain government accounts, such as the Social Security, Medicare, and Transportation trust funds, in exchange for their reported surpluses\u2014which adds to debt held by government accounts; or when new federal loans outpace loan repayments. The sum of debt held by the public and debt held by government accounts is the total federal debt. Surpluses reduce debt held by the public, while deficits raise it. This report will be updated as events warrant.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R43389", "sha1": "1e009406361a0512d85a5faedfd749618460379a", "filename": "files/20170213_R43389_1e009406361a0512d85a5faedfd749618460379a.html", "images": null }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R43389", "sha1": "750fbf11fceb9622cddf344474a42fb1309939c8", "filename": "files/20170213_R43389_750fbf11fceb9622cddf344474a42fb1309939c8.pdf", "images": null } ], "topics": [] }, { "source": "EveryCRSReport.com", "id": 458687, "date": "2017-01-31", "retrieved": "2017-02-03T19:09:02.472361", "title": "The Debt Limit Since 2011", "summary": "The Constitution grants Congress the power to borrow money on the credit of the United States\u2014one part of its power of the purse\u2014and thus mandates that Congress exercise control over federal debt. Control of debt policy has at times provided Congress with a means of raising concerns regarding fiscal policies. Debates over federal fiscal policy have been especially animated in recent years. The accumulation of federal debt accelerated in the wake of the 2007-2008 financial crisis and subsequent recession. Rising debt levels, along with continued differences in views of fiscal policy, led to a series of contentious debt limit episodes in recent years. \nIn 2011, federal debt had reached its legal limit on May 16, prompting then Treasury Secretary Timothy Geithner to declare a debt issuance suspension period, allowing certain extraordinary measures to extend Treasury\u2019s borrowing capacity. That debt limit episode was resolved on August 2, 2011, when President Obama signed the Budget Control Act of 2011 (BCA; S. 365; P.L. 112-25). The BCA included provisions aimed at deficit reduction and allowing the debt limit to rise in three stages, the latter two subject to congressional disapproval. Once the BCA was enacted, a presidential certification triggered a $400 billion increase, raising the debt limit to $14,694 billion, and a second $500 billion increase on September 22, 2011, as a disapproval measure (H.J.Res. 77) only passed the House. A January 12, 2012, presidential certification triggered a third, $1,200 billion increase on January 28, 2012, although the House passed a disapproval measure. \nFederal debt again reached its limit on December 31, 2012, and extraordinary measures were then used to allow payment of government obligations until February 4, 2013, when H.R. 325, which suspended the debt limit until May 19, 2013, was signed into law (P.L. 113-3). As of May 19, the debt limit was set at $16,699 billion and extraordinary measures were again employed. On September 25, Treasury Secretary Lew notified Congress that the government would exhaust its borrowing capacity around October 17. On October 16, 2013, Congress passed and the President signed a continuing resolution (H.R. 2775; P.L. 113-46) that included a suspension of the debt limit that ended on February 7, 2014. Secretary Lew declared a debt issuance suspension period on February 10, 2014, scheduled to last until February 27, 2014. On February 11, 2014, the House voted to suspend the debt limit (S. 540; P.L. 113-83) through March 15, 2015. The Senate approved the measure the following day and the President signed it on February 15, 2014. \nThe debt limit was suspended through March 15, 2015. The next day the limit was set at $18.1 trillion and Treasury Secretary Jacob Lew invoked authorities to use extraordinary measures to meet federal obligations. On October 15, 2015, Secretary Lew stated that extraordinary measures would be exhausted no later than November 3, 2015, although a relatively small cash reserve would be on hand. Independent forecasts had expected that the U.S. Treasury could pay federal obligations until November 2015. Lower tax receipts and higher trust fund investments, however, reduced Treasury\u2019s headroom more than had been expected. On October 28, 2015, the House concurred with Senate amendments to H.R. 1314, as amended, known as the Bipartisan Budget Act of 2015, which would suspend the debt limit until March 15, 2017. The Senate approved the measure on October 30, 2015, and the President signed it (P.L. 114-74) three days later.\nTotal federal debt increases when the government sells debt to the public to finance budget deficits, which adds to debt held by the public, or when the federal government issues debt to certain government accounts, such as the Social Security, Medicare, and Transportation trust funds, in exchange for their reported surpluses\u2014which adds to debt held by government accounts; or when new federal loans outpace loan repayments. The sum of debt held by the public and debt held by government accounts is the total federal debt. Surpluses reduce debt held by the public, while deficits raise it. This report will be updated as events warrant.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R43389", "sha1": "0555de569a5cbe5b44526bbeffe19c5297b2400b", "filename": "files/20170131_R43389_0555de569a5cbe5b44526bbeffe19c5297b2400b.html", "images": null }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R43389", "sha1": "ea2ee504309e4aff2eea3f0faf10d0521d00c1e7", "filename": "files/20170131_R43389_ea2ee504309e4aff2eea3f0faf10d0521d00c1e7.pdf", "images": null } ], "topics": [] }, { "source": "EveryCRSReport.com", "id": 446999, "date": "2015-11-02", "retrieved": "2016-04-06T18:02:47.810604", "title": "The Debt Limit Since 2011", "summary": "The Constitution grants Congress the power to borrow money on the credit of the United States\u2014one part of its power of the purse\u2014and thus mandates that Congress exercise control over federal debt. Control of debt policy has at times provided Congress with a means of raising concerns regarding fiscal policies. Debates over federal fiscal policy have been especially animated in recent years. The accumulation of federal debt accelerated in the wake of the 2007-2008 financial crisis and subsequent recession. Rising debt levels, along with continued differences in views of fiscal policy, led to a series of contentious debt limit episodes in recent years. \nIn 2011, federal debt had reached its legal limit on May 16, prompting then Treasury Secretary Timothy Geithner to declare a debt issuance suspension period, allowing certain extraordinary measures to extend Treasury\u2019s borrowing capacity. That debt limit episode was resolved on August 2, 2011, when President Obama signed the Budget Control Act of 2011 (BCA; S. 365; P.L. 112-25). The BCA included provisions aimed at deficit reduction and allowing the debt limit to rise in three stages, the latter two subject to congressional disapproval. Once the BCA was enacted, a presidential certification triggered a $400 billion increase, raising the debt limit to $14,694 billion, and a second $500 billion increase on September 22, 2011, as a disapproval measure (H.J.Res. 77) only passed the House. A January 12, 2012, presidential certification triggered a third, $1,200 billion increase on January 28, 2012, although the House passed a disapproval measure. \nFederal debt again reached its limit on December 31, 2012, and extraordinary measures were then used to allow payment of government obligations until February 4, 2013, when H.R. 325, which suspended the debt limit until May 19, 2013, was signed into law (P.L. 113-3). As of May 19, the debt limit was set at $16,699 billion and extraordinary measures were again employed. On September 25, Treasury Secretary Lew notified Congress that the government would exhaust its borrowing capacity around October 17. On October 16, 2013, Congress passed and the President signed a continuing resolution (H.R. 2775; P.L. 113-46) that included a suspension of the debt limit that ended on February 7, 2014. Secretary Lew declared a debt issuance suspension period on February 10, 2014, scheduled to last until February 27, 2014. On February 11, 2014, the House voted to suspend the debt limit (S. 540; P.L. 113-83) through March 15, 2015. The Senate approved the measure the following day and the President signed it on February 15, 2014. \nThe debt limit was suspended through March 15, 2015. The next day the limit was set at $18.1 trillion and Treasury Secretary Jacob Lew invoked authorities to use extraordinary measures to meet federal obligations. On October 15, 2015, Secretary Lew stated that extraordinary measures would be exhausted no later than November 3, 2015, although a relatively small cash reserve would be on hand. Independent forecasts had expected that the U.S. Treasury could pay federal obligations until November 2015. Lower tax receipts and higher trust fund investments, however, reduced Treasury\u2019s headroom more than had been expected. On October 28, 2015, the House concurred with Senate amendments to H.R. 1314, as amended, known as the Bipartisan Budget Act of 2015, which would suspend the debt limit until March 15, 2017. The Senate approved the measure on October 30, 2015, and the President signed it (P.L. 114-74) three days later.\nTotal federal debt increases when the government sells debt to the public to finance budget deficits, which adds to debt held by the public, or when the federal government issues debt to certain government accounts, such as the Social Security, Medicare, and Transportation trust funds, in exchange for their reported surpluses\u2014which adds to debt held by government accounts; or when new federal loans outpace loan repayments. The sum of debt held by the public and debt held by government accounts is the total federal debt. Surpluses reduce debt held by the public, while deficits raise it. This report will be updated as events warrant.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R43389", "sha1": "babdb6c317b95047ac42b56288f213a887554ad2", "filename": "files/20151102_R43389_babdb6c317b95047ac42b56288f213a887554ad2.html", "images": null }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R43389", "sha1": "f222489b9edacfb14e6e40c5da1b590ec082b7bb", "filename": "files/20151102_R43389_f222489b9edacfb14e6e40c5da1b590ec082b7bb.pdf", "images": null } ], "topics": [] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc795501/", "id": "R43389_2015Oct28", "date": "2015-10-28", "retrieved": "2016-01-13T14:26:20", "title": "The Debt Limit Since 2011", "summary": "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).", "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20151028_R43389_32c4956392a5456dff9abcc367a71b9f2768740d.pdf" }, { "format": "HTML", "filename": "files/20151028_R43389_32c4956392a5456dff9abcc367a71b9f2768740d.html" } ], "topics": [ { "source": "LIV", "id": "Debt", "name": "Debt" }, { "source": "LIV", "id": "Public debt", "name": "Public debt" }, { "source": "LIV", "id": "Federal debt", "name": "Federal debt" }, { "source": "LIV", "id": "Debt limit", "name": "Debt limit" } ] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc795481/", "id": "R43389_2015Sep11", "date": "2015-09-11", "retrieved": "2016-01-13T14:26:20", "title": "The Debt Limit Since 2011", "summary": "This report discusses the federal debt increase. The accumulation of federal debt accelerated in the wake of the 2007-2008 financial crisis and subsequent recession.", "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20150911_R43389_be3c4b6fd826741971b4229ec180940075c59b91.pdf" }, { "format": "HTML", "filename": "files/20150911_R43389_be3c4b6fd826741971b4229ec180940075c59b91.html" } ], "topics": [ { "source": "LIV", "id": "Defense policy", "name": "Defense policy" }, { "source": "LIV", "id": "Navy -- China", "name": "Navy -- China" }, { "source": "LIV", "id": "Navy -- U.S.", "name": "Navy -- U.S." }, { "source": "LIV", "id": "Foreign relations -- U.S. -- China", "name": "Foreign relations -- U.S. -- China" } ] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc743557/", "id": "R43389_2015Mar26", "date": "2015-03-26", "retrieved": "2015-10-20T21:35:54", "title": "The Debt Limit Since 2011", "summary": "This report discusses the federal debt increase. Total federal debt 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, such as the Social Security, Medicare, and Transportation trust funds, in exchange for their reported surpluses (increasing debt held by government accounts).", "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20150326_R43389_78ef5ab2184372ec116751fa93352e5e1d444d40.pdf" }, { "format": "HTML", "filename": "files/20150326_R43389_78ef5ab2184372ec116751fa93352e5e1d444d40.html" } ], "topics": [ { "source": "LIV", "id": "Debt", "name": "Debt" }, { "source": "LIV", "id": "Public debt", "name": "Public debt" }, { "source": "LIV", "id": "Federal debt", "name": "Federal debt" }, { "source": "LIV", "id": "Debt limit", "name": "Debt limit" } ] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc503556/", "id": "R43389_2015Mar09", "date": "2015-03-09", "retrieved": "2015-04-30T17:37:21", "title": "The Debt Limit Since 2011", "summary": "This report discusses the federal debt increase. The accumulation of federal debt accelerated in the wake of the 2007-2008 financial crisis and subsequent recession.", "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20150309_R43389_9b364876ff99a7fb2f3a2c655db2b11cce1bbf1b.pdf" }, { "format": "HTML", "filename": "files/20150309_R43389_9b364876ff99a7fb2f3a2c655db2b11cce1bbf1b.html" } ], "topics": [ { "source": "LIV", "id": "Debt", "name": "Debt" }, { "source": "LIV", "id": "Public debt", "name": "Public debt" }, { "source": "LIV", "id": "Federal debt", "name": "Federal debt" }, { "source": "LIV", "id": "Debt limit", "name": "Debt limit" } ] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc282314/", "id": "R43389_2014Feb18", "date": "2014-02-18", "retrieved": "2014-04-02T19:38:14", "title": "The Debt Limit Since 2011", "summary": "This report discusses the federal debt increase. The accumulation of federal debt accelerated in the wake of the 2007-2008 financial crisis and subsequent recession. Rising debt levels, along with continued differences in views of fiscal policy, led to a series of contentious debt limit episodes in recent years.", "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20140218_R43389_1f11870936ef00ae50a219f564fd182280b61286.pdf" }, { "format": "HTML", "filename": "files/20140218_R43389_1f11870936ef00ae50a219f564fd182280b61286.html" } ], "topics": [ { "source": "LIV", "id": "Debt", "name": "Debt" }, { "source": "LIV", "id": "Public debt", "name": "Public debt" }, { "source": "LIV", "id": "Federal debt", "name": "Federal debt" }, { "source": "LIV", "id": "Debt limit", "name": "Debt limit" } ] } ], "topics": [ "Economic Policy" ] }