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)