Statutory debt limit


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Statutory debt limit

The cap that Congress imposes on the amount of public debt that may be outstanding whether temporary or permanent. When this limit is reached, the Treasury may not sell new debt issues until Congress raises the limit. For a detailed listing of changes in the limit since 1941, see Budget of the United States Government. See: Debt outstanding subject to limitation.

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 ?
If the debt limit were reached and extraordinary measures were exhausted, the Treasury Secretary's legal requirement to reinvest Social Security receipts by issuing special Treasury securities could at times be difficult to reconcile with his legal requirement not to exceed the statutory debt limit.
This Note demonstrates the relevance of Section 4 of the Fourteenth Amendment (the Public Debt Clause) (28) to congressional conduct concerning the statutory debt limit. It argues that Congress has acted unconstitutionally during debates over raising the debt limit by causing the validity of the public debt to be questioned in violation of the Public Debt Clause.
When it comes to maintenance, you can pay now or pay later, and with the federal government reaching its statutory debt limit, the bill is coming due.
statutory debt limit was suspended through May 18, 2013, as part of the
Moody's cited the "rising possibility that the statutory debt limit will not be raised on a timely basis."
The White House and the congress reached last week an agreement on a spending plan for the current fiscal year, and face another fiscal hurdle next month with the prospect of reaching the statutory debt limit of more than USD 14 trillion.
Further, GAO tests compliance with a significant provision of law related to the Schedule of Federal Debt (statutory debt limit).
Zhu's announcement comes in the wake of news that the Obama-era spree has exceeded the statutory debt limit set by Congress.
Bonneville does not have authority to issue its own debt and has a statutory debt limit with the U.S.
110-659) also recommended spending levels that would lead to a debt subject to limit of $10,207 billion in FY2009, a level that would require an increase in the statutory debt limit. The budget conference report passed the Senate on a 48-45 vote on June 4, 2008.
Treasury Secretary Timothy Geithner implored Congress to act "to avoid the catastrophic economic and market consequences of a default crisis by raising the statutory debt limit in timely manner."
against Raising the Federal Debt Limit: In 2006, Obama voted against misguided Republican efforts to raise the statutory debt limit at the same time the Republicans were pushing through massive debt-financed tax cuts for the wealthy." (BarackObama.com "Fiscal" page)