Debt ceiling

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Debt ceiling

Debt Ceiling

The maximum amount that a government can borrow. The term especially applies to municipalities; rising above the debt ceiling may trigger a reduction it a municipality's credit rating. Cities and other local governments that are near the debt limit may issue participation certificates--a right to the receivables for a certain project--instead of direct debt. The United States also has a national debt ceiling, but Congress simply raises it every time the national debt approaches the ceiling.
References in periodicals archive ?
The 2011 debt limit episode, during the 112th Congress, was resolved on August 2, 2011, when President Obama signed into law the Budget Control Act of 2011 (BCA; S.
Treasury stressed that these extraordinary measures would be exhausted more quickly than in recent debt limit episodes for various technical reasons.
During the 112th Congress, Speaker John Boehner had stated that a future debt limit increase should be linked to spending cuts of at least the same magnitude, a position that reflects the structure of the Budget Control Act.
House Republicans decided on January 18, 2013, to propose a three-month suspension of the debt limit tied to a provision that would delay Members' salaries in the event that their chamber of Congress had not agreed to a budget resolution.
325, which suspends the debt limit until May 19, 2013, on a 285-144 vote.
22) A DISP extends through "any period for which the Secretary of the Treasury determines for purposes of this subsection that the issuance of obligations of the United States may not be made without exceeding the public debt limit.
measures containing changes to the statutory debt limit from 1978 to the
enacted measure that adjusted the statutory debt limit from 1978 to
federal debt limit and not including provisions on other matters).
otherwise change the federal debt limit from 1978 to 2013, including
data on the changes to the federal debt limit set at the time of
August 2, 2011, allows for debt limit increases of between $2.