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.
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.
The federal government's statutory debt limit currently stands
13) recommended policies that would lead to a debt subject to limit of $13,233 billion in FY2010, a level that would require an increase in the statutory debt limit.
measures containing changes to the statutory debt limit from 1978 to the
Over in the US, ratings agency Moody's warned the federal government Thursday that "if there is no progress on increasing the statutory debt limit in coming weeks, [Moody's] expects to place the US government's rating under review for possible downgrade," citing the "very small but rising risk of a short-lived default.
On July 30, 2008, legislation was enacted to raise the statutory debt limit from $9,815 billion to $10,615 billion.
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.
amp;sect; 8348(l)(2), of my determination that, by reason of the statutory debt limit, I will be unable to invest fully the portion of the Civil Service Retirement and Disability Fund ("CSRDF") not immediately required to pay beneficiaries.
On September 29, 2007, legislation was enacted to raise the statutory debt limit by $850 billion to $9,815 billion.
GAO also found no instances of noncompliance in fiscal year 2006 with selected provisions of the statutory debt limit and debt issuance suspension period laws we tested.
25 million below the current statutory debt limit of $14,294 billion.