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Author :
Publisher : DIANE Publishing
ISBN 13 : 1437982247
Total Pages : 22 pages
Book Rating : 4.4/5 (379 download)
Download or read book Reaching the Debt Limit: Background and Potential Effects on Government Operations written by and published by DIANE Publishing. This book was released on with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 :
Total Pages : 20 pages
Book Rating : 4.:/5 (755 download)
Download or read book Reaching the Debt Limit written by and published by . This book was released on 2011 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: Treasury has yet to face a situation in which it was unable to pay its obligations as a result of reaching the debt limit. In the past, the debt limit has always been raised before the debt reached the limit. However, on several occasions Treasury took extraordinary actions to avoid reaching the limit and, as a result, affected the operations of certain programs. If the Secretary of the Treasury determines that the issuance of obligations of the United States may not be made without exceeding the public debt limit, Treasury can make use of 'extraordinary measures.' If financing options are exhausted and Treasury is no longer able to pay the bills, serious financial and economic implications could result that could have a lasting impact on federal programs and the U.S.'s ability to borrow in the future. According to Treasury, if the debt limit is not raised after that point, payment of other obligations and benefits would be discontinued, limited, or adversely affected. It is extremely difficult for Congress to effectively influence short-term fiscal and budgetary policy through action on legislation adjusting the debt limit. The need to raise (or lower) the limit during a session of Congress is driven by previous decisions regarding revenues and spending stemming from legislation enacted earlier in the session or in prior years. Nevertheless, the consideration of debt-limit legislation often is viewed as an opportunity to reexamine fiscal and budgetary policy. Consequently, House and Senate action on legislation adjusting the debt limit often is complicated, hindered by policy disagreements, and subject to delay.
Author : Mindy R. Levit
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (15 download)
Download or read book Reaching the Debt Limit written by Mindy R. Levit and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.2 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.
Author : Mindy Levit
Publisher : CreateSpace
ISBN 13 : 9781503277465
Total Pages : 34 pages
Book Rating : 4.2/5 (774 download)
Download or read book Reaching the Debt Limit written by Mindy Levit and published by CreateSpace. This book was released on 2014-12-31 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: The gross federal debt, which represents the federal government's total outstanding debt, consists of (1) debt held by the public and (2) debt held in government accounts, also known as intragovernmental debt. Federal government borrowing increases for two primary reasons: (1) budget deficits and (2) investments of any federal government account surpluses in Treasury securities, as required by law. Nearly all of this debt is subject to the statutory limit. The federal government's statutory debt limit is currently suspended through February 7, 2014.
Author : D. Andrew Austin
Publisher : DIANE Publishing
ISBN 13 : 1437929346
Total Pages : 24 pages
Book Rating : 4.4/5 (379 download)
Download or read book Debt Limit written by D. Andrew Austin and published by DIANE Publishing. This book was released on 2010-06 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contents: (1) Introduction: The Debt Limit and the Treasury; Why Have a Debt Limit?; (2) A Brief History of the Federal Debt Limit: Origins of the Federal Debt Limit; World War II and After; (3) The Debt Ceiling in the Last Decade: The Debt Limit Issue in 2002: Resolving the Debt Limit Issue in 2002; The Debt Limit Issue in 2003; The Debt Limit Issue in 2004; The Debt Limit Issue in 2005, 2006, and 2007; The Economic Slowdown and Federal Debt; Fiscal Policy Considerations; Raising the Debt Ceiling in 2008 and 2009; Revised Deficit Estimates; (4) Concluding Comments; (5) Further Reading. Charts and tables.
Author : Congressional Research Service: The Libr
Publisher : BiblioGov
ISBN 13 : 9781294271765
Total Pages : 30 pages
Book Rating : 4.2/5 (717 download)
Download or read book Crs Report for Congress written by Congressional Research Service: The Libr and published by BiblioGov. This book was released on 2013-11 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Susan J. Irving
Publisher : DIANE Publishing
ISBN 13 : 1437982166
Total Pages : 52 pages
Book Rating : 4.4/5 (379 download)
Download or read book Debt Limit written by Susan J. Irving and published by DIANE Publishing. This book was released on 2011-04 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 1995, the statutory debt limit has been increased 12 times to its current level of $14.294 trillion. The Dept. of the Treasury (DoT) notified Congress that the current debt limit could be reached as early as April 5, 2011. Under current law debt subject to the limit will exceed $25 trillion in 2021. This report: (1) describes the actions that DoT traditionally takes to manage debt near the limit; (2) analyzes the effects that approaching the debt limit has had on the market for DoT securities; and (3) describes alternative mechanisms that would permit consideration of the link between policy decisions and the effect on debt when or before decisions are made. Charts and tables. This is a print on demand edition of an important, hard-to-find report.
Author : D. Austin
Publisher : CreateSpace
ISBN 13 : 9781475277371
Total Pages : 36 pages
Book Rating : 4.2/5 (773 download)
Download or read book The Debt Limit written by D. Austin and published by CreateSpace. This book was released on 2012-04-29 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Total federal debt can increase in two ways. First, debt increases when the government sells debt to the public to finance budget deficits and acquire the financial resources needed to meet its obligations. This increases debt held by the public. Second, debt increases 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. This increases debt held by government accounts. 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. On August 2, 2011, President Obama signed the Budget Control Act of 2011 (BCA; S. 365; P.L. 112-25), after an extended debt limit episode. The federal debt had reached its legal limit on May 16, 2011, prompting Treasury Secretary Timothy Geithner to declare a debt issuance suspension period, allowing certain extraordinary measures to extend Treasury's borrowing capacity. The BCA included provisions aimed at deficit reduction and allowing the debt limit to rise between $2,100 billion and $2,400 billion 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. That certification also triggered 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 will trigger a third, $1.2 trillion, increase after 15 days unless a disapproval measure, which would be subject to veto, were enacted. On January 18, 2012, the House passed such a measure (H.J.Res. 98) on a 239-176 vote. Congress has always placed restrictions on federal debt. The form of debt restrictions, structured as amendments to the Second Liberty Bond Act of 1917, evolved into a general debt limit in 1939. Congress has voted to raise the debt limit 11 times since 2001, due to persistent deficits and additions to federal trust funds. Congress raised the limit in June 2002, and by December 2002 the U.S. Treasury asked Congress for another increase, which passed in May 2003. In June 2004, the U.S. Treasury asked for another debt limit increase and again in October 2004. A debt limit increase was enacted on November 19, 2004. In 2005, reconciliation instructions in the FY2006 budget resolution (H.Con.Res. 95) included a debt limit increase. After warnings from the U.S. Treasury, Congress passed an increase that the President signed on March 20. In 2007, Congress approved legislation (H.J.Res. 43) to raise the debt limit by $850 billion to $9,815 billion that the President signed September 29, 2007. The recent economic slowdown led to sharply higher deficits in recent years, which led to a series of debt limit increases. The Housing and Economic Recovery Act of 2008 (H.R. 3221), signed into law (P.L. 110-289) on July 30, 2008, included a debt limit increase. The Emergency Economic Stabilization Act of 2008 (H.R. 1424), signed into law on October 3 (P.L. 110-343), raised the debt limit again. The debt limit rose a third time in less than a year to $12,104 billion with the passage of the American Recovery and Reinvestment Act of 2009 on February 13, 2009 (ARRA; H.R. 1), which was signed into law on February 17, 2009 (P.L. 111-5). Following this measure, the debt limit was subsequently increased by $290 billion to $12,394 billion (P.L. 111-123) in a stand-alone debt limit bill on December 28, 2009, and by $1.9 trillion to $14,294 billion on February 12, 2010 (P.L. 111-139), as part of a package that also contained the Statutory Pay-As-You-Go Act of 2010.
Author : Congressional Research Congressional Research Service
Publisher : CreateSpace
ISBN 13 : 9781503188068
Total Pages : 36 pages
Book Rating : 4.1/5 (88 download)
Download or read book The Debt Limit written by Congressional Research Congressional Research Service and published by CreateSpace. This book was released on 2014-10-28 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Congress has always restricted federal debt. The Second Liberty Bond Act of 1917 included an aggregate limit on federal debt as well as limits on specific debt issues. Through the 1920s and 1930s, Congress altered the form of those restrictions to give the U.S. Treasury more flexibility in debt management and to allow modernization of federal financing. In 1939, a general limit was placed on federal debt. Federal debt accumulates when the government sells debt to the public to finance budget deficits and to meet federal obligations or when it issues debt to government accounts, such as the Social Security, Medicare, and Transportation trust funds. Total federal debt is the sum of debt held by the public and debt held by government accounts. Surpluses reduce debt held by the public, while deficits raise it. Congress has modified the debt limit 14 times since 2001. Congress raised the limit in June 2002, May 2003, November 2004, March 2006, and September 2007. The 2007-2008 fiscal crisis and subsequent economic slowdown led to sharply higher deficits in recent years, which led to a series of debt limit increases. The Housing and Economic Recovery Act of 2008 (H.R. 3221), signed into law (P.L. 110-289) on July 30, 2008, included a debt limit increase. The Emergency Economic Stabilization Act of 2008 (H.R. 1424), signed into law on October 3 (P.L. 110-343), raised the debt limit again. The debt limit rose a third time in less than a year to $12,104 billion with the passage of the American Recovery and Reinvestment Act of 2009 on February 13, 2009 (ARRA; H.R. 1), which was signed into law on February 17, 2009 (P.L. 111-5). Following that measure, the debt limit was subsequently increased by $290 billion to $12,394 billion (P.L. 111- 123) in a stand-alone debt limit bill on December 28, 2009, and by $1.9 trillion to $14,294 billion on February 12, 2010 (P.L. 111-139). The federal debt again reached its limit on May 16, 2011, prompting the Treasury Secretary to invoke authorities to use extraordinary measures to extend Treasury's borrowing capacity. On August 2, 2011, President Obama signed the Budget Control Act of 2011 (BCA; S. 365; P.L. 112- 25), which resolved that debt limit episode. The BCA included provisions aimed at deficit reduction and allowing the debt limit to rise between $2,100 billion and $2,400 billion in three stages, the latter two subject to congressional disapproval. Once the BCA was enacted, a presidential certification triggered a $400 billion increase, and a second $500 billion increase on September 22, 2011. A third $1.2 trillion increase took place on January 28, 2012. Federal debt reached its limit on December 31, 2012. Extraordinary measures were again used 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). When that suspension expired, the debt limit was set at $16,699 billion and extraordinary measures were reemployed. 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 through February 7, 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 next day and the President signed it on February 15, 2014. After the debt limit is reset in March 2015, independent analysts estimate that the U.S. Treasury will be able to meet obligations until fall 2015. CRS Report R43389, The Debt Limit Since 2011, by D. Andrew Austin discusses recent debt limit events in more detail. This report will be updated as events warrant.
Author : Mindy R. Levit
Publisher :
ISBN 13 : 9781457834066
Total Pages : 26 pages
Book Rating : 4.8/5 (34 download)
Download or read book Reaching the Debt Limit written by Mindy R. Levit and published by . This book was released on 2012-11-05 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jonathan D. Antonellis
Publisher :
ISBN 13 : 9781613244180
Total Pages : 0 pages
Book Rating : 4.2/5 (441 download)
Download or read book Debt Limit Management and the Government's Role written by Jonathan D. Antonellis and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the possibility of the federal government reaching its statutory debt limit and not raising it, with a particular focus on government operations. The nature of the federal government's debt is explained, as are the processes associated with federal borrowing, and historical events that may influence prospective actions. This book 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.
Author :
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book The Debt Limit written by and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two actions by the federal government drive up total federal debt. The first is the sale of government debt to the public (increasing debt held by the public) to finance budget deficits and acquire the financial resources needed to meet its obligations. The second is the issuing of debt to debt-holding government accounts (such as the Social Security, Medicare, Transportation, and Civil Service trust funds) in exchange for their reported surpluses (increasing debt held by government accounts). The combined change produces the change in total federal debt. Surpluses generally reduce debt held by the public while deficits raise it. The government's surpluses during FY1998-FY2001 reduced debt held by the public by $448 billion. The debt-holding government accounts 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. Legislation increased the limit to $6.4 trillion in June 2002. In December 2002, the Administration asked Congress for another increase in the debt limit. As the limit was approached in February 2003, the Treasury resorted to accounting measures at its disposal to avoid exceeding the limit. The adoption of the FY2004 budget resolution conference report by Congress in early April 2003 triggered legislation in the House increasing the debt limit by $984 billion, deemed passed by the House, and sent to the Senate. In May, the Senate passed the increase, which the President signed on May 27, 2003. (For a discussion of congressional procedures to raise the debt limit, see CRS Report RS21519, Legislative Procedures for Adjusting the Public Debt Limit, by Robert Keith and Bill Heniff Jr.) By the spring of 2004, the Treasury began asking for another increase in the debt limit. Congress did not act to raise the debt limit before recessing in mid-October 2004. The Secretary of the Treasury soon notified Congress that he was taking allowed actions to avoid exceeding the debt limit. He also stated that these actions would suffice only through mid-November when the Treasury would exhaust its ability to finance all federal activities. In an after-election session, Congress passed and the President signed legislation raising the debt limit by $800 billion. In 2005, Congress included debt limit raising reconciliation instructions in the FY2006 budget resolution (H.Con.Res. 95). The adoption of the budget resolution also triggered the automatic passage in the House of a debt limit increase (H.J.Res. 47). No action on raising the limit was taken during calendar year 2005. The Secretary of the Treasury sent letters to Congress on December 22, 2005, and February 16 and March 6, 2006, asking for a debt limit increase and warning that the Treasury would exhaust its options to avoid reaching the debt limit by mid-March. The Senate passed H.J.Res. 47 on March 16, after rejecting several amendments. The President signed it into law (P.L. 109-182) on March 20. The law increased the debt limit by $781 billion to $8.965 trillion. This report will be updated as events warrant.
Author : U.s. Government Accountability Office
Publisher : Createspace Independent Publishing Platform
ISBN 13 : 9781974439195
Total Pages : 52 pages
Book Rating : 4.4/5 (391 download)
Download or read book Debt Limit written by U.s. Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-08-11 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: GAO has prepared this report to assist Congress in identifying and addressing debt management challenges. Since 1995, the statutory debt limit has been increased 12 times to its current level of $14.294 trillion. The Department of the Treasury (Treasury) recently notified Congress that the current debt limit could be reached as early as April 5, 2011, and the Congressional Budget Office (CBO) projects that under current law debt subject to the limit will exceed $25 trillion in 2021.This report (1) describes the actions that Treasury traditionally takes to manage debt near the limit, (2) analyzes the effects that approaching the debt limit has had on the market for Treasury securities, and (3) describes alternative mechanisms that would permit consideration of the link between policy decisions and the effect on debt when or before decisions are made. GAO analyzed Treasury and market data; interviewed Treasury officials, budget and legislative experts, and market participants; and reviewed practices in selected countries.
Author : Phil Frazier
Publisher : Nova Science Publishers
ISBN 13 : 9781634843355
Total Pages : 0 pages
Book Rating : 4.8/5 (433 download)
Download or read book Debt Limit Impasses written by Phil Frazier and published by Nova Science Publishers. This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The gross federal debt, which represents the federal government's total outstanding debt, consists of debt held by the public and debt held in government accounts, also known as intragovernmental debt. Federal government borrowing increases for two primary reasons: (1) budget deficits and (2) investments of any federal government account surpluses in Treasury securities, as required by law. Nearly all of this debt is subject to the statutory limit. Treasury has yet to face a situation in which it was unable to pay its obligations as a result of reaching the debt limit. In the past, the debt limit has always been raised before the debt reached the limit. This book 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 book 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. A discussion of the effects that prior debt limit impasses have had on the economy is also included. Finally, this book lays out considerations for increasing the debt limit under current policy and what impact fiscal policy could have on the debt limit going forward.
Author :
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book The Debt Limit written by and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the words of one author, the debt limit "expresses a national devotion to the idea of thrift and to economical management of the fiscal affairs of the government."10 On the other hand, some budget experts have advocated elimination of the debt limit, arguing that other controls provided by the modern congressional budget process established in 1974 have superseded the debt limit, and that the l [...] As the debt moved closer to and reached the debt limit over the first six months of FY2002, the Administration asked Congress repeatedly to increase the debt limit, warning of adverse financial consequences were the limit not raised. [...] Congressional Research Service 8 The Debt Limit: History and Recent Increases Through the rest of February and into May, the Treasury held debt subject to limit $15 million below the debt ceiling.31 The adoption of the conference report on the FY2004 budget resolution (H.Con. [...] The Debt Limit Issue in 2004 In January 2004, CBO estimated that the debt limit, then set at $7,384 billion, would be reached the following summer.33 In June 2004, the Treasury asked Congress to raise the debt limit in order to avoid the disruptions to government finances experienced in the previous two years.34 In August, and again in September, the Treasury declared that the debt limit would be [...] As the debt approached the limit through the summer and into the fall, no legislation was moved to raise the debt limit.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 149832892X
Total Pages : 39 pages
Book Rating : 4.4/5 (983 download)
Download or read book Guidelines for Public Debt Management -- Amended written by International Monetary Fund and published by International Monetary Fund. This book was released on 2003-09-12 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL
Author : M. Ayhan Kose
Publisher : World Bank Publications
ISBN 13 : 1464815453
Total Pages : 403 pages
Book Rating : 4.4/5 (648 download)
Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
