Reaching the Debt Limit: Background and Potential Effects on Government Operations

Levit, Mindy R. ; Brass, Clinton T. ; Nicola, Thomas J. ; Nuschler, Dawn

Library of Congress. Congressional Research Service.

关键词: Federal debt;    Public debt;    Budget deficits;    Deficit reduction;    Deficit financing;   

RP-ID  :  R41633
RP-ID  :  R41633_2013Sep19

美国|英语

来源: UNT Digital Library

【 摘 要 】

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.