967:
that the executive branch can choose to prioritize interest payments on bonds, which would avoid an immediate, direct default on sovereign debt. During the debt ceiling crisis of 2011, Treasury
Secretary Timothy Geitner argued that prioritization of interest payments would not help since government expenditures would have needed to be cut by an unrealistic 40% if the debt ceiling is not raised. Also, a default on non-debt obligations would still undermine American creditworthiness according to at least one rating agency. In 2011, the Treasury suggested that it could not prioritize certain types of expenditures because all expenditures are on equal footing under the law. In this view, when extraordinary measures are exhausted, no payments could be made except when money (such as tax receipts) is in the treasury, at all and the U.S. would be in default on all of its obligations. The CBO notes, that prioritization would not avoid the technical definition found in
406:, thus limiting how much money the federal government may pay by borrowing more money, on the debt it already borrowed. The debt ceiling is an aggregate figure that applies to gross debt, which includes debt in the hands of the public and intra-government accounts. About 0.5 percent of the debt is not covered by the ceiling (as of 10/2013). Because expenditures are authorized by separate legislation, the debt ceiling does not directly limit government deficits. In effect, it can only restrain the Treasury from paying for expenditures and other financial obligations after the limit has been reached, but which have already been approved (in the budget) and
57:
649:
812:
848:
951:
treasury has cash on hand to cover them. In addition, the law indicates that the government would not have the resources to pay the interest on (and some time redeem) government securities when due, which would be characterized as a default. A default may affect the United States' sovereign risk rating and the interest rate that it will be required to pay on future debt. As of 2012, the U.S. defaulted on its financial obligations once in 1979, due to a computer backlog, but the periodic crises relating to the debt ceiling have led several rating agencies to
52:
999:. In 2023, a group of lawmakers from the Senate and House of Representatives sent a letter to President Biden encouraging him to consider invoking the 14th Amendment to pay government debts. However, there are scholars who argue that even if the law itself is unconstitutional, that determination must be made by the courts and the President does not have the authority to unilaterally ignore the debt ceiling law. In practice, the administrations of Presidents
1084:, as well as the ability to forgive its debt or repay itself; in contrast, as of 2020, orthodox economic theorists tended to focus on national deficit as a debt that needs to be repaid eventually. As a result, MMT theorists argue the debt ceiling is largely a symbolic limit on government spending; in 2020 Stephanie Kelton, a prominent supporter of MMT, wrote that "there are no constraints on the federal budget."
597:
Department used its cash balances with banks to stay under the debt ceiling. And, starting in
November 1953, Treasury monetized close to $ 1 billion of gold left over in its vaults, which helped keep it from exceeding the $ 275 billion limit. During spring and summer 1954, the Senate and the executive branch negotiated on a debt ceiling increase, and a $ 6 billion one was passed on August 28, 1954.
631:, the House was controlled by Democrats, and the Senate was, at various points, under the control of both parties. Early in his term, Reagan faced some bipartisan resistance from Congress for a 1981 raising of the debt limit. But Democrats, using the Gephardt Rule, joined with Republicans to increase the debt ceiling eighteen separate times.
422:, although, on some occasions, it appeared that Congress might allow a default to take place. If this situation were to occur, it is unclear whether the Treasury would be able to prioritize debt payments to avoid a default on its bond obligations. A protracted default could trigger a variety of economic problems including a
930:(CSRDF), the Postal Service Retiree Health Benefits Fund (Postal Benefits Fund), and the Exchange Stabilization Fund (ESF). In addition, certain CSRDF investments were also redeemed early. In 1985, the Treasury had also exchanged Treasury securities for non-Treasury securities held by the Federal Financing Bank.
1047:
In
January 2013, a survey of 38 highly regarded economists found that 84 percent agreed that, since Congress already approves spending and taxation, "a separate debt ceiling that has to be increased periodically creates unneeded uncertainty and can potentially lead to worse fiscal outcomes." Only one
982:
of the United States
Constitution, which states that "the validity of the public debt of the United States...shall not be questioned." They argue that it was unconstitutional for the U.S. Congress to pass the debt ceiling law in the first place, since the law does not provide a clear way for the U.S.
950:
According to the text of the debt ceiling law, if the debt ceiling is not raised and extraordinary measures are exhausted, the U.S. government is legally unable to borrow money to pay its financial obligations. At that point, the law indicates that the government must cease making payments unless the
910:
explained that when the debt ceiling is reached, the
Treasury can declare a "debt issuance suspension period" during which it can take "extraordinary measures" to continue meeting federal obligations provided that it does not involve the issue of new debt. These measures are taken to avoid, as far as
793:
The ceiling was suspended three times: from
September 30, 2017, to December 8, 2017; from December 8, 2017 to March 1, 2019; and, after concerns were raised from Treasury in July 2019 of an unexpected shortfall due to reduced tax receipts under Trump's tax legislation, from August 2, 2019 to July 31,
878:
During Biden's first two years as president, the House and Senate were both controlled by the
Democratic Party. In October 2021, the debt ceiling was increased by $ 480 billion, as a temporary measure requiring fresh legislation by December 3, 2021. That month, Congress voted to increase it by $ 2.5
1032:
argued that the debt ceiling originally served a useful purpose. When introduced, presidents had stronger authority to borrow and spend as they pleased. However, after 1974 the
Congress began passing comprehensive budget resolutions which specified exactly how much money the government could spend.
1012:
called this strategy "legally questionable." Biden himself said "I think we have the authority" to invoke the 14th
Amendment to pay government debts, suggesting that he would explore this question in the future, but he questioned the practicality of relying on this approach to defuse a debt ceiling
966:
As of 2012, some writers expressed the view that if extraordinary measures are exhausted, the executive branch has the authority to determine which obligations are paid and which are not, though the
Treasury has argued that all obligations are on equal footing under the law. The writers have argued
413:
There is a debate among legal scholars regarding the constitutionality of the debt ceiling. Some scholars argue that the debt ceiling does not provide the legal authority for the United States to default on its debt. Some also argue that the debt ceiling itself is unconstitutional since it does not
1372:
The precise debt limit to the nearest million is according to official US reports generated at this website. Go to "Published Reports" instead of "Raw data"; then generate a report on a previous date e.g. Jan 2023 instead of the current month. The Statutory debt limit is at the bottom of the first
941:
with the default trigger date ticking to February 2013. The crisis was deferred with the suspension of the limit on February 4, and the cancellation of the extraordinary measures. The measures were again invoked at the end of the ceiling's suspension on May 19, 2013, with the date of exhaustion of
765:
which suspended the debt ceiling until May 19, 2013. On May 19, the debt ceiling was raised to approximately $ 16.699 trillion to accommodate the borrowing done during the suspension period. During the suspension period, the Treasury was authorized to borrow to the extent that it "is required to
743:
when the ceiling was reached again, and the Treasury adopted extraordinary measures to avoid a default. The Treasury said it was not set up to prioritize payments and had given the opinion that it is unclear whether it would be legal to do so. Given this situation, the Treasury would simply delay
493:
From time to time, political disputes arise when the Treasury advises Congress that the debt ceiling is about to be reached and indicates that a default is imminent. When the debt ceiling is reached, and pending an increase in the limit, Treasury may resort to "extraordinary measures" to buy more
417:
When the debt ceiling is reached without an increase in the limit having been enacted, Treasury will need to resort to "extraordinary measures" to temporarily finance government expenditures and obligations until a resolution can be reached. The Treasury has never reached the point of exhausting
933:
However, these amounts are not sufficient to cover government operations for extended periods. Treasury first implemented these measures on December 16, 2009, to avoid a government shutdown. These measures were implemented again on May 16, 2011, when Treasury Secretary Geithner declared a "debt
672:
When Republicans were in the majority, they consistently voted to increase the debt ceiling. While some Democrats did vote against the debt ceiling when the process was controlled by a Republican majority, Democrats did not filibuster debt limit increases in 2003, 2004 and 2006, allowing Senate
587:
Before 1917, the U.S. had no debt ceiling. Congress either authorized specific loans or allowed the Treasury to issue certain debt instruments and individual debt issues for specific purposes. Sometimes Congress gave the Treasury discretion over what type of debt instrument would be issued. The
445:
and finance system, and the debt ceiling is designed to be a constraint on the executive's ability to manage the U.S. economy. There is debate, however, on how the U.S. economy should be managed, and whether a debt ceiling is an appropriate or constitutional mechanism for restraining government
596:
In 1953, the U.S. Treasury risked reaching the debt ceiling of $ 275 billion. Though President Eisenhower requested that Congress increase it on July 30, 1953, the Senate refused to act on it. As a result, the president asked federal agencies to reduce how much they spent, plus the Treasury
561:
were in circulation, which in accordance with the debt ceiling legislation, are excluded from the statutory debt limit. The $ 239 million excludes $ 25 million in U.S. Notes issued prior to July 1, 1929, determined pursuant to Act of June 30, 1961, 31 U.S.C. 5119, to have been destroyed or
614:
imposed the "Gephardt Rule," a parliamentary rule that deemed the debt ceiling was raised when a budget was passed. This resolved the contradiction in voting for appropriations but not voting to fund them. The rule stood until it was repealed by the Republican-controlled Congress in 1995.
1091:(2007-2009) political landscape, MMT has been the subject of political debate between post-Keynsian, mainstream, and free-market economic theorists and politicians alike. As of 2019, MMT debates on the debt ceiling have pervaded Congress, with progressive representatives, prominently
766:
meet existing commitments". On May 19, the debt ceiling was raised by $ 306 billion to cover the borrowings done during the suspension period, as well as commitments that accrued in the preceding period that extraordinary measures were in place, which commenced on December 31, 2012.
474:
of the United States Constitution, only Congress can authorize the borrowing of money on the credit of the United States. From the founding of the U.S. until 1917, Congress directly authorized each debt issued. To provide more flexibility to finance the United States' involvement in
736:(ATRA), but no action was taken on the debt ceiling. Following the tax cuts from ATRA, the government needed to raise the debt ceiling by $ 700 billion to finance operations for the rest of the 2013 fiscal year. Extraordinary measures were expected to be exhausted by February 15.
983:
to pay its debts and implicitly requires a default. Harvard University legal scholar Laurence Tribe argues that "using the ceiling to make us default on our debts clearly would be unconstitutional." This argument has also been endorsed by various politicians, including President
618:
A vote to increase the debt ceiling has usually been (since the 1950s) a legal budgetary formality between the President and Congress. As of 1993 the debt ceiling had not historically been a political issue that would make the elected government fail to pass a yearly budget.
691:
In 2011, Republicans took control of Congress and again suspended the Gephardt Rule as they had under Clinton. The Republican majority in Congress demanded deficit reduction as part of raising the debt ceiling. The resulting contention was resolved on August 2, 2011, by the
773:
notified Congress that these measures would be exhausted by October 17, 2013 and that a default would occur on October 17 when interest payments came due. From October 17, 2013 until February 7, 2014, the debt ceiling was again suspended. On February 12, 2014, the
676:
When Democrats controlled the House and the Senate in the last two years of George W. Bush's term, Democratic majorities in the House and the Senate reinstated the automatic Gephardt Rule and increased the debt ceiling three times without attaching preconditions.
592:
of 1917. This legislation set limits on the aggregate amount of debt that could be accumulated through individual categories of debt (such as bonds and bills). In 1939, Congress instituted the first limit on total accumulated debt over all kinds of instruments.
1395:
With the gold reserve down to about $ 64,000,000, and no prospect of immediate and satisfactory aid from Congress, it is taken for granted by the Treasury people that a call for bids for bonds cannot be delayed much longer than the beginning of another
461:
that began on January 19, 2023, and the suspension will remain in effect until January 1, 2025. Previously, in December 2021, the debt ceiling was raised when it was increased by $ 2.5 trillion, to $ 31.381463 trillion, which lasted until January 2023.
3173:"Text – H.Res.267 – 117th Congress (2021-2022): Recognizing the duty of the House of Representatives to abandon Modern Monetary Theory and recognizing that the acceptance of Modern Monetary Theory would lead to higher deficits and higher inflation"
1052:, disagreed with the statement. Rating agency Moody's has stated that "the debt limit creates a high level of uncertainty" and that the government should change "its framework for managing government debt to lessen or eliminate that uncertainty".
1079:
by governments, the latter claim is dependent on the government as the sovereign issuer of the given currency. As of 2019, MMT theorists believed that governments have the power to create and spend money within a limit of reason without creating
494:
time before the ceiling can be raised by Congress. The U.S. has never reached the point of default where the Treasury was incapable of paying U.S. debt obligations, though it has been close on several occasions. The only exception was during the
668:
While George W. Bush was President, both Republicans and Democrats controlled the House and the Senate at various points during his term. Congress increased the debt ceiling eight times in 2002, 2003, 2004, 2006, 2007, and twice in 2008.
744:
payments if funds could not be raised through extraordinary measures and the debt ceiling was not raised. Economists estimated that such an action would cause GDP to contract by 7 percent, which is larger than the contraction during the
545:, which does not require the President's signature and is not binding. The budget details projected tax collections and expenditures and, therefore, specifies the estimated amount of borrowing the government would have to do in that
721:, citing their April warnings, the difficulty of bridging the parties and that the resulting agreement fell well short of the hoped-for comprehensive 'grand bargain'. The credit downgrade and debt ceiling debacle contributed to the
934:
issuance suspension period". According to his letter to Congress, this period could "last until August 2, 2011, when the Department of the Treasury projects that the borrowing authority of the United States will be exhausted".
1007:
have rejected relying on legal arguments against the constitutionality of the debt ceiling. Obama said in 2011 that his lawyers "were not persuaded that that is a winning argument." In 2023, Biden's Treasury Secretary
607:, the debt ceiling played an important role in enabling Congress to hold hearings and debates on the budget. James Surowiecki argued that the debt ceiling lost its usefulness after these reforms to the budget process.
789:
When Donald Trump was President, the debt ceiling was subject to less partisan controversy. The administration and the Republicans who controlled the House and the Senate prioritized tax cuts over a balanced budget.
886:. Although Republicans were a minority in the Senate, they threatened for the first time in American history to use the filibuster to stop the debt ceiling increase. The crisis was resolved by negotiation of the
2979:
537:
explains, "the debt limit does not control or limit the ability of the federal government to run deficits or incur obligations. Rather, it is a limit on the ability to pay obligations already incurred."
1075:
which arose in the late 20th century, have critiqued the concept of the debt ceiling and its theoretical and practical uses. A core tenet of MMT is that currency arose from and is wholly controlled as
797:
Congress did not impose any preconditions or significant spending cuts. Democrats in the Senate could have threatened to stop the debt ceiling increase by use of the filibuster but declined to do so.
1102:
was supportive of legislation to abolish the debt limit, while President Biden was not; however, by June he had signed into law the Fiscal Responsibility Act of 2023 suspending the debt ceiling.
748:. The economic damage would worsen as recipients of social security benefits, government contracts, and other government payments cut back on spending in response to the freeze in their revenue.
728:
Following the increase in the debt ceiling to $ 16.394 trillion in 2011, the U.S. again reached the debt ceiling on December 31, 2012, and the Treasury began taking extraordinary measures. The
2592:
978:
Many scholars argue that debt ceiling law is unconstitutional and there is no legal basis by which the U.S. government may default on any of its debt. They point to Section Four of the
634:
Under President George H.W. Bush, Democrats controlled both the House and Senate. Again using the Gephardt Rule, Congress increased the debt ceiling nine times without controversy.
696:. Under the "McConnell Rule," the president was allowed to unilaterally raise the debt ceiling. This action could be overturned by an act of Congress, but this would require a
942:
the resources and the default trigger date being estimated by the Treasury as October 17. The ceiling was again suspended by legislation on that date until February 4, 2014.
725:(DJIA) falling nearly 2,000 points in late July and August. Following the downgrade itself, the DJIA had one of its worst days in history and fell 635 points on August 8.
471:
657:
643:
3504:
1055:
In 2021, the U.S. debt ceiling has been described as "anachronistic", with the two major parties criticized for utilizing the debt ceiling to play a dangerous game of
952:
1194:
1025:
Reports to Congress from the OMB and other sources in the 1990s have repeatedly stated that the debt limit is an ineffective means to restrain the growth of debt.
718:
506:
279:
196:
2766:
1948:
1612:
294:
157:
1095:, boosting the theory to the mainstream, while conservative representatives have been critiquing MMT's potential impacts on government spending and inflation.
979:
377:
289:
269:
2847:
2264:
1282:
1973:
1136:
2821:
1036:
The apparent redundancy of the debt ceiling has led to suggestions that it should be abolished altogether. Several Democratic House members, including
959:
raised borrowing costs for the government by $ 1.3 billion in the fiscal year 2011 and noted that the delay would also raise costs in later years. The
228:
3578:
308:
2436:
2330:
Republicans did propose an offset of $ 77 billion in 2019 - 2% of the federal budget - to occur eight years later if Congress approved it in 2027).
1374:
1322:
882:
On January 19, 2023, the United States hit its debt ceiling of $ 31.4 trillion. By this time, Republicans had taken control of the House during the
3461:
3120:
76:
3348:
2390:
1852:
781:
The debt ceiling would again have been reached on November 3, 2015. But on October 30, 2015, the debt ceiling was again suspended to March 2017.
2187:
1041:
284:
274:
264:
1040:, proposed abolishing the debt ceiling. The proposal found support from some economists such as Jacob Funk Kirkegaard, a senior fellow at the
1296:
1014:
2795:
414:
provide a clear mechanism for the government to meet its constitutional obligation to repay its debts once it meets the borrowing limit.
201:
3121:"Alexandria Ocasio-Cortez says the theory that deficit spending is good for the economy should 'absolutely' be part of the conversation"
2209:
915:
or a default on the debt. These methods have been used on several previous occasions in which federal debt neared its statutory limit.
483:
of 1917. Under this Act, Congress established an aggregate limit, or "ceiling," on the total amount of new bonds that could be issued.
370:
2593:"As US Reaches Debt Limit, Geithner Implements Additional Extraordinary Measures to Allow Continued Funding of Government Obligations"
2308:
1870:
1825:
1738:
1715:
956:
938:
582:
502:
259:
174:
3045:
2596:
912:
111:
3564:
George J. Hall and Thomas J. Sargent. 2018. "Brief history of US debt limits before 1939." PNAS March 20, 2018. 115 (12) 2942-2945
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2354:
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1587:
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was passed, suspending the debt ceiling until March 15, 2015. At that time, the Treasury Department took extraordinary measures.
252:
86:
1439:
839:
806:
752:
740:
686:
458:
330:
243:
238:
233:
191:
181:
1685:
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trillion, which President Biden signed into effect on December 16, 2021. At that point, it was set at about $ 31.4 trillion.
486:
The present debt ceiling is an aggregate limit applied to nearly all federal debt, which was substantially established by the
2683:
2664:
2645:
2002:
1573:
1554:
363:
1165:
926:
of individual retirement funds of federal employees. In 2011, extraordinary measures included suspending investments in the
3313:
899:
733:
134:
91:
2487:
2223:
2162:
1974:"United States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks, Rising Debt Burden; Outlook Negative"
407:
3409:
1601:
851:
775:
602:
434:
399:
96:
3536:
3428:
887:
454:
106:
3146:
3541:
1807:
1791:
1484:
906:, up to the debt ceiling, with some small exceptions. In a letter to Congress on April 4, 2011, Treasury Secretary
534:
2747:
Strickland, D. (2011). The Public Debt Clause Debate: Who Controls This Lost Section of the Fourteenth Amendment.
1929:
1911:
1893:
1462:
3172:
1765:
1375:
https://fiscaldata.treasury.gov/datasets/monthly-statement-public-debt/summary-of-treasury-securities-outstanding
927:
139:
2953:
1983:
541:
The President formulates a federal budget every year, which Congress must pass, sometimes with amendments, in a
509:, a sharp drop in the stock market, and an increase in borrowing costs. Congress raised the debt limit with the
3478:
2461:
2316:
1878:
1833:
1746:
1723:
1347:
1072:
963:
extended the GAO's estimates and found that the delay raised borrowing costs by $ 18.9 billion over ten years.
221:
2619:"GAO-12-701 Debt Limit: Analysis of 2011-2012 Actions Taken and Effect of Delayed Increase on Borrowing Costs"
2282:
3400:
2240:
761:
101:
2090:
883:
722:
526:
442:
81:
71:
39:
2280:
and in part by the government having already reached its borrowing limit ($ 22 trillion as of March 2019).
2220:
As of July 2019, it appeared that the government would default on its obligations within a couple months.
1502:
919:
1348:"Q&A: Everything You Should Know About the Debt Ceiling | Committee for a Responsible Federal Budget"
1407:
P.L. 65-43, 40 Stat. 288, enacted September 24, 1917, Currently codified as amended as 31 U.S.C. § 3101.
3360:
Kowalcky, Linda W.; LeLoup, Lance T. (1993). "Congress and the Politics of Statutory Debt Limitation".
2375:
2243:
that took effect in the 2018 tax year under which many companies had their taxes drastically reduced).
2139:
859:
729:
693:
648:
510:
186:
56:
1489:"Debt Limit: Delays Create Debt Management Challenges and Increase Uncertainty in the Treasury Market"
3491:
2516:
1250:
903:
326:
3374:
1528:
Debt Limit: Delays Create Debt Management Challenges and Increase Uncertainty in the Treasury Market
3583:
2900:"Debt ceiling crisis: The debt ceiling is a pointless, dangerous relic, and it should be abolished"
1092:
960:
811:
213:
129:
3072:"Stephanie Kelton, The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy"
652:
U.S. federal government debt ceiling from 1990 to January 2012 (unadjusted for GDP and population)
449:
Currently, the debt ceiling has been suspended altogether as of June 3, 2023, when U.S. president
2567:
1978:
1195:"The Debt Limit and the Constitution: How the Fourteenth Amendment Forbids Fiscal Obstructionism"
589:
480:
2376:"Fact Check: Did GOP Vote To Raise Debt Ceiling 3 Times with No Preconditions During Trump Era?"
529:, and raising the debt ceiling neither directly increases nor decreases the budget deficit, and
3369:
3198:
1068:
566:
27:
3469:
3441:
2180:
2064:
1761:
1232:
622:
573:
and therefore are also not subject to the ceiling, but have a separate limit of $ 15 billion.
1417:
902:
is permitted to borrow funds needed to fund government operations, as had been authorized by
542:
349:
656:
The debt-ceiling debate of 1995 led to a showdown on the federal budget and resulted in the
505:
of near default on public debt. The delay in raising the debt ceiling resulted in the first
3408:
Levit, Mandy R.; Brass, Clinton T.; Nicola, Timothy J.; Nuschler, Dawn (January 4, 2013).
3325:"Delays Create Debt Management Challenges and Increase Uncertainty in the Treasury Market"
490:
of 1939 and 1941. These acts have been amended subsequently to change the ceiling amount.
8:
1701:
1017:
filed a lawsuit in federal court alleging that the debt ceiling law is unconstitutional.
923:
847:
714:
558:
339:
2531:
Delays Create Debt Management Challenges and Increase Uncertainty in the Treasury Market
3531:
3527:
3387:
3251:"Analysis of 2011-2012 Actions Taken and Effect of Delayed Increase on Borrowing Costs"
3234:
3104:
3046:"A very detailed walkthrough of Modern Monetary Theory, the big new left economic idea"
3026:
2980:"It's five to midnight, again: US debt drama isn't good for America, or the rest of us"
2930:
830:
821:
546:
427:
2409:
955:. As of 2012, the GAO estimated that the delay in raising the debt ceiling during the
3546:
3206:
3091:
3018:
1258:
1228:
419:
51:
3410:"Reaching the Debt Limit: Background and Potential Effects on Government Operations"
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3099:
3083:
2904:
1029:
907:
487:
423:
207:
2246:
1088:
745:
334:
2767:"Why progressives want Joe Biden to consider going it alone on the debt ceiling"
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1081:
1056:
1049:
438:
2114:
1117:
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3523:
3416:
3210:
3095:
3071:
3022:
2437:"The US debt ceiling: What it is and how Congress avoided US default in 2021"
1681:
1323:"The US debt ceiling: What it is and how Congress avoided US default in 2021"
1262:
628:
611:
403:
164:
3250:
3199:"How Close Is the U.S. to Hitting the Debt Ceiling? How Bad Would That Be?"
2391:"Fact-checking Biden's claim that raising debt limit is usually bipartisan"
2224:"US government is running out of money faster than expected, Mnuchin warns"
2154:
1853:"Fact-checking Biden's claim that raising debt limit is usually bipartisan"
1220:
1099:
1009:
1000:
992:
988:
984:
937:
The measures were again implemented on December 31, 2012, the start of the
756:
623:
Debt ceiling increases under Presidents Ronald Reagan and George H. W. Bush
514:
3563:
3558:
3550:
3324:
3292:
3270:
2848:"Biden says he's exploring 14th Amendment to defuse debt ceiling standoff"
2796:"Obama says Constitution not a way to avoid Congress in debt limit debate"
2722:
2530:
1786:
1527:
1087:
After the turn of the 20th century, and particularly during and since the
525:
The process of setting the debt ceiling is separate and distinct from the
3554:
2618:
2132:
1530:(Report). Government Accountability Office. February 22, 2011. GAO-11-203
1488:
1137:"Laurence Tribe explains how 14th Amendment can help Biden avoid default"
1037:
996:
495:
476:
3030:
3006:
663:
3147:"Ocasio-Cortez boosts progressive theory that deficits aren't so scary"
2548:
2355:"Fact Check: Did Donald Trump Lift Debt Ceiling With No Spending Cuts?"
2334:"Fact Check: Did Donald Trump Lift Debt Ceiling With No Spending Cuts?"
2309:"Votes on Measures to Adjust the Statutory Debt Limit, 1978 to Present"
1871:"Votes on Measures to Adjust the Statutory Debt Limit, 1978 to Present"
1826:"Votes on Measures to Adjust the Statutory Debt Limit, 1978 to Present"
1739:"Votes on Measures to Adjust the Statutory Debt Limit, 1978 to Present"
1716:"Votes on Measures to Adjust the Statutory Debt Limit, 1978 to Present"
1076:
395:
3391:
2702:
2265:"60 of America's biggest companies paid no federal income tax in 2018"
1949:"Reality check: 'Gephardt Rule' alone can't fix the debt limit crisis"
784:
680:
637:
3294:
Votes on Measures to Adjust the Statutory Debt Limit, 1978 to Present
2690:
2009:
1297:"US Congress averts historic default, approves debt-limit suspension"
1004:
450:
418:
extraordinary measures, resulting in a constitutionally questionable
344:
2021:
3383:
2899:
2571:
2359:
2338:
2239:
The budget problem was caused in part by lower tax revenue (due to
800:
770:
498:
when parts of Washington D.C. including the Treasury were burned.
479:, Congress modified the method by which it authorized debt in the
2633:
918:
Extraordinary measures can include suspending investments in the
1483:
1477:
1251:"Opinion | Biden Can End Debt-Ceiling Sabotage Once and for All"
557:
In December 2012, the Treasury calculated that $ 239 million in
1808:"How Clinton Handled His Debt Ceiling Crisis Better Than Obama"
1787:"Debt Ceiling: Analysis of Actions During the 1995–1996 Crisis"
1637:
1635:
1633:
868:
588:
United States first instituted a statutory debt limit with the
2210:
After Debt-Ceiling Deal, a Sense of Futility Grows in Congress
2033:
3005:
Juniper, James; Sharpe, Timothy P.; Watts, Martin J. (2014).
755:
was temporarily resolved on February 4, 2013, when President
610:
In 1979, noting the potential problems of hitting a default,
426:, and a decline in output that would put the country into an
2462:"Q&A: Everything You Should Know About the Debt Ceiling"
2283:"Q&A: Everything You Should Know About the Debt Ceiling"
1762:"Table 7.3 - Statutory Limits on Federal Debt: 1940–Current"
1630:
673:
Republicans to raise the debt limit with a simple majority.
1990:
1586:
Alan Rappeport. (9 May 2023). "What is the debt ceiling?".
1503:"Monthly Statement of the Public Debt of the United States"
1283:
Potential Macroeconomic Impact of Debt Ceiling Brinkmanship
707:
2874:"Union sues to strike down US debt limit as default looms"
1386:
1135:
Writer, Christina Pazzanese Harvard Staff (May 15, 2023).
1118:
The Debt Limit: History and Recent Increases, October 2013
3442:"Debt Ceiling: 'Chaotic' choices on 100 million payments"
2954:"Scrap the debt limit, some lawmakers and economists say"
1652:
1650:
953:
United States federal government credit-rating downgrades
706:
majority vote in both houses assuming that the president
3407:
2708:
2696:
2554:
2188:"Jack Lew: I worry about 'terrible' debt limit accident"
2027:
2015:
1930:"Public Laws, 110th Congress, 2nd Session (P.L. 110-343"
975:
is defined as “the failure to make a payment when due.”
2652:
2644:
sfn error: no target: CITEREFBipartisan_Policy_Center (
1166:"How the Supreme Court might view the debt limit fight"
644:
United States federal government shutdowns of 1995–1996
517:
when the new ceiling was reached on December 31, 2012.
2951:
1647:
1508:. United States Treasury Department. December 31, 2012
3314:"Federal Debt and the Statutory Limit, November 2012"
2120:. Federation of American Sciences. September 25, 2013
1561:
664:
Debt ceiling increases under President George W. Bush
2639:
2510:
2508:
2488:"US hits debt ceiling, threatening economic outlook"
2045:
3007:"Modern monetary theory: contributions and critics"
1542:
945:
785:
Debt ceiling increases under President Donald Trump
719:
downgrade in the federal government's credit rating
681:
Debt ceiling increases under President Barack Obama
638:
Debt ceiling increases under President Bill Clinton
3505:"What if Congress Doesn't Raise the Debt Ceiling?"
3439:
3349:"How Dick Gephardt Fixed the Debt-Ceiling Problem"
3004:
2822:"Remarks by President Biden in a Press Conference"
2671:
2202:
2039:
2001:sfn error: no target: CITEREFSweet_8_August_2011 (
658:U.S. federal government shutdowns of 1995 and 1996
3401:"Prioritizing debt payments won't work: Geithner"
2536:
2505:
2410:"Debt ceiling: What's next for the US debt limit"
2109:
2107:
2091:"Senate Approves Suspension of U.S. Debt Ceiling"
1662:
815:Federal Government tax revenue and expenditures.
520:
3570:
3489:
3300:. Washington, DC: Congressional Research Service
3278:. Washington, DC: Congressional Research Service
2724:How to Stop Republicans from Tanking the Economy
2514:
2160:
1440:"A Brief History of the U.S. Federal Debt Limit"
801:Debt ceiling increases under President Joe Biden
3459:
1996:
1295:Cowan, Richard; Slattery, Gram (June 2, 2023).
3359:
2945:
2663:sfn error: no target: CITEREFAustinLevit2012 (
2115:"The Debt Limit: History and Recent Increases"
2104:
1641:
1042:Peterson Institute for International Economics
552:
3319:. Congressional Budget Office. November 2012.
2977:
2952:Jim Puzzanghera; Don Lee (January 22, 2013).
2163:"Debt limit deadline now seen at end of 2015"
1463:"Historians Put An Asterisk On US Debt Claim"
1294:
371:
3462:"Debt ceiling: Treasury starts juggling act"
2402:
1015:National Association of Government Employees
928:Civil Service Retirement and Disability Fund
507:downgrade in the United States credit rating
16:Limit on the amount of debt the U.S. can owe
3429:"U.S. Debt Ceiling: Costs and Consequences"
2978:Bartholomeusz, Stephen (December 2, 2021).
2658:
2208:The Wall Street Journal, October 30, 2015:
2140:"Jack Lew warns Congress over debt ceiling"
1792:United States General Accountability Office
1686:"Raising debt limit may be hard for Reagan"
3476:
2466:Committee for a Responsible Federal Budget
2287:Committee for a Responsible Federal Budget
2067:. United States Congress. February 4, 2013
2057:
1846:
1844:
1805:
1656:
1418:"Public Debt Acts: Major Acts of Congress"
378:
364:
3373:
3235:"Amerikanere kan lære af dansk gældsloft"
3196:
3190:
3103:
2924:
2922:
2845:
2682:sfn error: no target: CITEREFLawder2012 (
1572:sfn error: no target: CITEREFAustin2008 (
1553:sfn error: no target: CITEREFAustin2008 (
1062:
1020:
893:
583:History of the United States debt ceiling
3579:United States Department of the Treasury
3502:
3043:
2871:
2560:
2247:"The Tax Cuts and Jobs Act After A Year"
2051:
1940:
1894:"Debt Limit is Raised To $ 9.8 Trillion"
1285:. U.S. Department of the Treasury, 2013.
1059:for purely partisan political purposes.
846:
810:
647:
398:is a legislative limit on the amount of
3237:(in Danish). DR Nyheder. August 3, 2011
3070:Burnham, Terence C. (October 1, 2020).
3069:
2928:
2434:
2388:
2262:
2244:
1850:
1841:
1599:
1320:
1248:
1193:Charles, Jacob D. (December 27, 2013).
1192:
741:debt ceiling crisis arose in early 2013
3571:
3522:
3503:Yglesias, Matthew (January 16, 2013).
3398:
3290:
3268:
3233:
3118:
2919:
2897:
2677:
2485:
2373:
2352:
2331:
2084:
2082:
1946:
1680:
1618:from the original on December 30, 2016
1567:
1548:
1460:
1442:. Freegovreports.com. January 28, 2010
1134:
807:2023 United States debt-ceiling crisis
687:2011 United States debt-ceiling crisis
576:
3492:"Dow plunges after S&P downgrade"
3346:
3144:
2819:
2789:
2787:
2743:
2741:
2435:Cabello, Marcos (December 16, 2021).
2245:Kaeding, Nicole (December 17, 2018).
2221:
1668:
1321:Cabello, Marcos (December 16, 2021).
1218:
1164:Swan, Betsy Woodruff (May 14, 2023).
852:United States Federal Government debt
732:was resolved with the passage of the
3477:Surowiecki, James (August 1, 2011).
3269:Austin, D. Andrew (August 9, 2017).
3197:Rappeport, Alan (January 17, 2023).
3170:
3145:Guida, Victoria (February 6, 2019).
2793:
2764:
2568:"U.S. National Debt Tops Debt Limit"
2088:
1912:"Budget Calls for Domestic Increase"
1244:
1242:
1214:
1212:
1188:
1186:
1163:
1159:
1157:
1130:
1128:
1126:
734:American Taxpayer Relief Act of 2012
3426:
3323:
3291:Murray, Justin (November 6, 2017).
3249:
3011:Journal of Post Keynesian Economics
2929:Epstein, Jennifer (July 18, 2011).
2846:Haberkorn, Jennifer (May 9, 2023).
2542:
2079:
1806:Brandeisky, Kara (August 2, 2011).
872:$ 31.4 Trillion debt ceiling limit
13:
3516:
3440:Sahadi, Jeanne (January 7, 2013).
3044:Matthews, Dylan (April 16, 2019).
2784:
2738:
2529:Government Accountability Office,
2515:Timothy Geithner (April 4, 2011).
2486:Henney, Megan (January 18, 2023).
1947:Binder, Sarah (October 13, 2013).
1219:Hazan, Joshua (December 5, 2013).
1111:
1098:Early in 2023, Treasury Secretary
776:Temporary Debt Limit Extension Act
603:Budget and Impoundment Control Act
14:
3595:
3537:Concise Encyclopedia of Economics
3119:Relman, Eliza (January 7, 2019).
2931:"Moody's: Abolish the debt limit"
2820:House, The White (May 21, 2023).
2263:Cerullo, Megan (April 12, 2019).
2161:Schroeder, Peter (May 18, 2015).
2089:Hook, Janet (February 12, 2014).
1249:Lofgren, Mike (October 7, 2021).
1239:
1209:
1183:
1154:
1123:
888:Fiscal Responsibility Act of 2023
627:Under the two terms of President
455:Fiscal Responsibility Act of 2023
3542:Library of Economics and Liberty
2872:Wiessner, Daniel (May 8, 2023).
2389:Sherman, Amy (October 6, 2021).
2374:Jayshi, Damakant (May 3, 2023).
1982:. August 5, 2011. Archived from
1851:Sherman, Amy (October 6, 2021).
1609:Federal Reserve Bank of New York
1485:Government Accountability Office
1393:. December 28, 1895. p. 1.
1221:"Unconstitutional Debt Ceilings"
946:Default on financial obligations
569:are not debts of the government
535:Government Accountability Office
55:
50:
3460:Sahadi, Jeanne (May 17, 2013).
3435:. Council on Foreign Relations.
3399:Lawder, David (June 29, 2011).
3164:
3138:
3112:
3063:
3037:
2998:
2971:
2891:
2865:
2839:
2813:
2794:Daly, Corbett (July 22, 2011).
2758:
2714:
2611:
2585:
2523:
2479:
2454:
2428:
2382:
2367:
2346:
2324:
2301:
2214:
1966:
1922:
1904:
1886:
1863:
1818:
1799:
1779:
1766:Office of Management and Budget
1754:
1731:
1708:
1674:
1602:"The First Debt Ceiling Crisis"
1593:
1580:
1520:
1495:
1454:
1432:
1410:
1401:
1379:
1366:
1340:
3171:Hern, Kevin (March 23, 2021).
2898:Lowrey, Annie (May 16, 2011).
2353:Norton, Tom (April 28, 2023).
2332:Norton, Tom (April 28, 2023).
2317:Congressional Research Service
2222:Borak, Donna (July 13, 2019).
1879:Congressional Research Service
1834:Congressional Research Service
1747:Congressional Research Service
1724:Congressional Research Service
1600:Garbade, Kenneth (June 2016).
1314:
1288:
1276:
1073:post-Keynesian economic theory
521:Relationship to federal budget
309:2023 Removal of Kevin McCarthy
1:
3490:Sweet, Ken (August 8, 2011).
3347:Green, Joshua (May 9, 2011).
2721:Reich, Robert (May 2, 2023).
2597:US Department of the Treasury
2517:"Geithner Letter to Congress"
1105:
762:No Budget, No Pay Act of 2013
465:
3362:Public Administration Review
2533:, GAO-11-203, February 2011.
904:congressional appropriations
874:Reached on January 19, 2023
723:Dow Jones Industrial Average
527:United States budget process
437:is an important part of the
402:that can be incurred by the
7:
1013:standoff. In May 2023, the
957:debt ceiling crisis of 2011
939:debt ceiling crisis of 2013
913:partial government shutdown
553:Debt not covered by ceiling
10:
3600:
3227:
3088:10.1007/s10818-020-09302-8
2142:. CNN Money. July 29, 2015
1642:Kowalcky & LeLoup 1993
860:Intragovernmental holdings
842:spending levels comparison
804:
694:Budget Control Act of 2011
684:
641:
580:
511:Budget Control Act of 2011
501:In 2011, the U.S. reached
390:In the United States, the
222:2007–2008 financial crisis
3272:The Debt Limit Since 2011
2765:Zhou, Li (May 22, 2023).
987:, former labor secretary
829: Federal Government
820: Federal Government
457:into law. This ended the
435:United States public debt
253:2013 budget sequestration
158:Bowles–Simpson Commission
2640:Bipartisan Policy Center
2190:. CNBC. October 19, 2015
1093:Alexandria Ocasio-Cortez
961:Bipartisan Policy Center
214:Subprime mortgage crisis
43:United States of America
26:This article is part of
3076:Journal of Bioeconomics
2659:Austin & Levit 2012
1387:"Must Issue Bonds Soon"
867: Debt held by the
590:Second Liberty Bond Act
481:Second Liberty Bond Act
2519:. Treasury Department.
2040:Sahadi January 7, 2013
1590:Retrieved 10 May 2023.
1588:New York Times website
1225:Georgetown Law Journal
1069:Modern Monetary Theory
1063:Modern Monetary Theory
1021:Debate on debt ceiling
969:Black's Law Dictionary
894:Extraordinary measures
884:2022 midterm elections
875:
844:
717:issued the first ever
653:
567:Federal Financing Bank
202:Social Security debate
41:Budget and debt in the
1979:Standard & Poor's
1487:(February 22, 2011).
1048:member of the panel,
995:, and Representative
850:
814:
651:
581:Further information:
543:concurrent resolution
513:, which added to the
443:United States economy
350:Continuing resolution
3422:on January 23, 2013.
3334:. GAO. February 2011
2065:"H.R. 325 - Summary"
1684:(February 5, 1981).
1071:(MMT), a heterodox,
911:resources permit, a
715:Standard & Poors
562:irretrievably lost.
260:Government shutdowns
3479:"Smash the Ceiling"
3427:Masters, Jonathan.
2289:. February 27, 2019
2241:new tax legislation
1997:Sweet 8 August 2011
1702:Google News Archive
924:Thrift Savings Plan
900:Treasury Department
769:Treasury Secretary
713:On August 5, 2011,
577:Legislative history
559:United States Notes
472:Article I Section 8
459:debt-ceiling crisis
340:Balance of payments
229:Debt-ceiling crises
152:Contemporary issues
3532:David R. Henderson
3203:The New York Times
2749:Charleston L. Rev.
2416:. October 15, 2021
2320:. January 6, 2022.
1986:on August 9, 2011.
1882:. January 6, 2022.
1837:. January 6, 2022.
1795:. August 30, 1996.
1750:. January 6, 2022.
1727:. January 6, 2022.
1690:The New York Times
1255:The New York Times
876:
845:
654:
433:Management of the
428:economic recession
87:Financial position
2709:Levit et al. 2013
2697:Levit et al. 2013
2555:Levit et al. 2013
2028:Levit et al. 2013
2016:Levit et al. 2013
1461:Associated, The.
1227:. Rochester, NY.
991:, Representative
388:
387:
197:Political debates
192:Healthcare reform
182:Deficit reduction
3591:
3545:
3540:(1st ed.).
3512:
3499:
3486:
3473:
3472:on June 7, 2013.
3468:. Archived from
3456:
3454:
3452:
3436:
3433:Renewing America
3423:
3421:
3415:. Archived from
3414:
3404:
3395:
3377:
3356:
3343:
3341:
3339:
3329:
3320:
3318:
3309:
3307:
3305:
3299:
3287:
3285:
3283:
3277:
3265:
3263:
3261:
3256:. GAO. July 2012
3255:
3246:
3244:
3242:
3222:
3221:
3219:
3217:
3194:
3188:
3187:
3185:
3183:
3168:
3162:
3161:
3159:
3157:
3142:
3136:
3135:
3133:
3131:
3125:Business Insider
3116:
3110:
3109:
3107:
3067:
3061:
3060:
3058:
3056:
3041:
3035:
3034:
3002:
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2995:
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2991:
2975:
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2917:
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2914:
2912:
2895:
2889:
2888:
2886:
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2858:
2843:
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2806:
2791:
2782:
2781:
2779:
2777:
2762:
2756:
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2736:
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2733:
2731:
2718:
2712:
2706:
2700:
2694:
2688:
2687:
2675:
2669:
2668:
2656:
2650:
2649:
2637:
2631:
2630:
2628:
2626:
2615:
2609:
2608:
2606:
2604:
2589:
2583:
2582:
2580:
2578:
2564:
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2540:
2534:
2527:
2521:
2520:
2512:
2503:
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2500:
2498:
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2447:
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2343:
2328:
2322:
2321:
2313:
2305:
2299:
2298:
2296:
2294:
2279:
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2261:
2259:
2257:
2238:
2236:
2234:
2218:
2212:
2206:
2200:
2199:
2197:
2195:
2184:
2178:
2177:
2175:
2173:
2158:
2152:
2151:
2149:
2147:
2136:
2130:
2129:
2127:
2125:
2119:
2111:
2102:
2101:
2099:
2097:
2086:
2077:
2076:
2074:
2072:
2061:
2055:
2049:
2043:
2037:
2031:
2025:
2019:
2013:
2007:
2006:
1994:
1988:
1987:
1970:
1964:
1963:
1961:
1959:
1944:
1938:
1937:
1926:
1920:
1919:
1908:
1902:
1901:
1890:
1884:
1883:
1875:
1867:
1861:
1860:
1848:
1839:
1838:
1830:
1822:
1816:
1815:
1812:The New Republic
1803:
1797:
1796:
1783:
1777:
1776:
1774:
1772:
1758:
1752:
1751:
1743:
1735:
1729:
1728:
1720:
1712:
1706:
1705:
1699:
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1678:
1672:
1666:
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1628:
1627:
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1617:
1606:
1597:
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1584:
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1481:
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1458:
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1449:
1447:
1436:
1430:
1429:
1427:
1425:
1414:
1408:
1405:
1399:
1398:
1383:
1377:
1370:
1364:
1363:
1361:
1359:
1344:
1338:
1337:
1335:
1333:
1318:
1312:
1311:
1309:
1307:
1292:
1286:
1280:
1274:
1273:
1271:
1269:
1246:
1237:
1236:
1216:
1207:
1206:
1199:Duke Law Journal
1190:
1181:
1180:
1178:
1176:
1161:
1152:
1151:
1149:
1147:
1132:
1121:
1115:
1030:James Surowiecki
908:Timothy Geithner
866:
857:
837:
828:
819:
705:
704:
700:
488:Public Debt Acts
424:financial crisis
380:
373:
366:
270:1981, 1984, 1986
208:Starve the beast
66:Major dimensions
59:
54:
44:
33:
30:
21:
20:
3599:
3598:
3594:
3593:
3592:
3590:
3589:
3588:
3584:Government debt
3569:
3568:
3519:
3517:Further reading
3450:
3448:
3419:
3412:
3375:10.1.1.397.5755
3337:
3335:
3327:
3316:
3312:
3303:
3301:
3297:
3281:
3279:
3275:
3259:
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3240:
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3225:
3215:
3213:
3195:
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3181:
3179:
3169:
3165:
3155:
3153:
3143:
3139:
3129:
3127:
3117:
3113:
3068:
3064:
3054:
3052:
3042:
3038:
3003:
2999:
2989:
2987:
2986:. Fairfax Media
2976:
2972:
2962:
2960:
2950:
2946:
2936:
2934:
2927:
2920:
2910:
2908:
2896:
2892:
2882:
2880:
2870:
2866:
2856:
2854:
2844:
2840:
2830:
2828:
2826:The White House
2818:
2814:
2804:
2802:
2800:www.cbsnews.com
2792:
2785:
2775:
2773:
2763:
2759:
2746:
2739:
2729:
2727:
2720:
2719:
2715:
2707:
2703:
2695:
2691:
2681:
2676:
2672:
2662:
2657:
2653:
2643:
2638:
2634:
2624:
2622:
2621:. July 23, 2012
2617:
2616:
2612:
2602:
2600:
2591:
2590:
2586:
2576:
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2566:
2565:
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2553:
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2537:
2528:
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2506:
2496:
2494:
2484:
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2443:
2433:
2429:
2419:
2417:
2408:
2407:
2403:
2387:
2383:
2372:
2368:
2351:
2347:
2329:
2325:
2311:
2307:
2306:
2302:
2292:
2290:
2281:
2273:
2271:
2255:
2253:
2232:
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2215:
2207:
2203:
2193:
2191:
2186:
2185:
2181:
2171:
2169:
2159:
2155:
2145:
2143:
2138:
2137:
2133:
2123:
2121:
2117:
2113:
2112:
2105:
2095:
2093:
2087:
2080:
2070:
2068:
2063:
2062:
2058:
2050:
2046:
2038:
2034:
2026:
2022:
2014:
2010:
2000:
1995:
1991:
1972:
1971:
1967:
1957:
1955:
1953:Washington Post
1945:
1941:
1928:
1927:
1923:
1910:
1909:
1905:
1892:
1891:
1887:
1873:
1869:
1868:
1864:
1849:
1842:
1828:
1824:
1823:
1819:
1804:
1800:
1785:
1784:
1780:
1770:
1768:
1760:
1759:
1755:
1741:
1737:
1736:
1732:
1718:
1714:
1713:
1709:
1695:
1693:
1679:
1675:
1667:
1663:
1657:Surowiecki 2011
1655:
1648:
1640:
1631:
1621:
1619:
1615:
1604:
1598:
1594:
1585:
1581:
1571:
1566:
1562:
1552:
1547:
1543:
1533:
1531:
1526:
1525:
1521:
1511:
1509:
1505:
1501:
1500:
1496:
1482:
1478:
1468:
1466:
1459:
1455:
1445:
1443:
1438:
1437:
1433:
1423:
1421:
1416:
1415:
1411:
1406:
1402:
1385:
1384:
1380:
1371:
1367:
1357:
1355:
1346:
1345:
1341:
1331:
1329:
1319:
1315:
1305:
1303:
1293:
1289:
1281:
1277:
1267:
1265:
1247:
1240:
1217:
1210:
1191:
1184:
1174:
1172:
1162:
1155:
1145:
1143:
1141:Harvard Gazette
1133:
1124:
1116:
1112:
1108:
1089:Great Recession
1065:
1023:
948:
896:
873:
871:
864:
862:
855:
843:
835:
833:
826:
824:
817:
809:
803:
787:
746:Great Recession
702:
698:
697:
689:
683:
666:
646:
640:
625:
585:
579:
555:
523:
468:
384:
355:
354:
323:
315:
314:
313:
303:Related events
301:
250:
219:
218:
153:
145:
144:
140:Social Security
135:Social programs
125:
117:
116:
92:Military budget
67:
42:
40:
28:
25:
17:
12:
11:
5:
3597:
3587:
3586:
3581:
3567:
3566:
3561:
3528:"Federal Debt"
3524:Eisner, Robert
3518:
3515:
3514:
3513:
3500:
3487:
3483:The New Yorker
3474:
3457:
3437:
3424:
3405:
3396:
3384:10.2307/977272
3357:
3344:
3321:
3310:
3288:
3266:
3247:
3229:
3226:
3224:
3223:
3189:
3163:
3137:
3111:
3082:(3): 205–211.
3062:
3036:
3017:(2): 281–307.
2997:
2984:Brisbane Times
2970:
2944:
2918:
2890:
2864:
2838:
2812:
2783:
2757:
2737:
2713:
2701:
2689:
2670:
2651:
2632:
2610:
2599:. May 16, 2011
2584:
2559:
2557:, p. 3-4.
2547:
2535:
2522:
2504:
2478:
2453:
2427:
2401:
2381:
2366:
2345:
2323:
2300:
2251:Tax Foundation
2213:
2201:
2179:
2153:
2131:
2103:
2078:
2056:
2044:
2032:
2020:
2008:
1989:
1965:
1939:
1921:
1903:
1885:
1862:
1840:
1817:
1798:
1778:
1753:
1730:
1707:
1682:Raines, Howell
1673:
1661:
1646:
1629:
1592:
1579:
1570:, p. 2-3.
1560:
1541:
1519:
1494:
1476:
1453:
1431:
1409:
1400:
1391:New York Times
1378:
1365:
1339:
1313:
1287:
1275:
1238:
1208:
1182:
1153:
1122:
1109:
1107:
1104:
1082:hyperinflation
1067:Proponents of
1064:
1061:
1050:Luigi Zingales
1022:
1019:
980:14th Amendment
947:
944:
895:
892:
863:
854:
834:
825:
816:
805:Main article:
802:
799:
786:
783:
685:Main article:
682:
679:
665:
662:
642:Main article:
639:
636:
624:
621:
578:
575:
554:
551:
522:
519:
503:a crisis point
467:
464:
439:macroeconomics
386:
385:
383:
382:
375:
368:
360:
357:
356:
353:
352:
347:
342:
324:
321:
320:
317:
316:
312:
311:
305:
300:
299:
298:
297:
292:
287:
282:
277:
272:
267:
256:
249:
248:
247:
246:
241:
236:
225:
217:
216:
211:
204:
199:
194:
189:
184:
179:
178:
177:
167:
161:
155:
154:
151:
150:
147:
146:
143:
142:
137:
132:
126:
123:
122:
119:
118:
115:
114:
112:Gov't spending
109:
104:
99:
94:
89:
84:
82:Federal budget
79:
74:
68:
65:
64:
61:
60:
47:
46:
36:
35:
15:
9:
6:
4:
3:
2:
3596:
3585:
3582:
3580:
3577:
3576:
3574:
3565:
3562:
3560:
3556:
3552:
3548:
3543:
3539:
3538:
3533:
3529:
3525:
3521:
3520:
3510:
3506:
3501:
3497:
3493:
3488:
3484:
3480:
3475:
3471:
3467:
3463:
3458:
3447:
3443:
3438:
3434:
3430:
3425:
3418:
3411:
3406:
3402:
3397:
3393:
3389:
3385:
3381:
3376:
3371:
3367:
3363:
3358:
3354:
3350:
3345:
3333:
3326:
3322:
3315:
3311:
3296:
3295:
3289:
3274:
3273:
3267:
3252:
3248:
3236:
3232:
3231:
3212:
3208:
3204:
3200:
3193:
3182:September 15,
3178:
3174:
3167:
3156:September 15,
3152:
3148:
3141:
3130:September 15,
3126:
3122:
3115:
3106:
3101:
3097:
3093:
3089:
3085:
3081:
3077:
3073:
3066:
3055:September 15,
3051:
3047:
3040:
3032:
3028:
3024:
3020:
3016:
3012:
3008:
3001:
2985:
2981:
2974:
2959:
2955:
2948:
2932:
2925:
2923:
2907:
2906:
2901:
2894:
2879:
2875:
2868:
2853:
2849:
2842:
2827:
2823:
2816:
2801:
2797:
2790:
2788:
2772:
2768:
2761:
2754:
2750:
2744:
2742:
2726:
2725:
2717:
2711:, p. 15.
2710:
2705:
2698:
2693:
2685:
2679:
2674:
2666:
2660:
2655:
2647:
2641:
2636:
2620:
2614:
2598:
2594:
2588:
2573:
2569:
2563:
2556:
2551:
2545:, p. 10.
2544:
2539:
2532:
2526:
2518:
2511:
2509:
2493:
2489:
2482:
2467:
2463:
2457:
2442:
2438:
2431:
2415:
2411:
2405:
2396:
2392:
2385:
2377:
2370:
2362:
2361:
2356:
2349:
2341:
2340:
2335:
2327:
2319:
2318:
2310:
2304:
2288:
2284:
2270:
2266:
2252:
2248:
2242:
2229:
2225:
2217:
2211:
2205:
2189:
2183:
2168:
2164:
2157:
2141:
2135:
2116:
2110:
2108:
2092:
2085:
2083:
2066:
2060:
2053:
2052:Yglesias 2013
2048:
2041:
2036:
2029:
2024:
2017:
2012:
2004:
1998:
1993:
1985:
1981:
1980:
1975:
1969:
1954:
1950:
1943:
1935:
1931:
1925:
1917:
1913:
1907:
1899:
1895:
1889:
1881:
1880:
1872:
1866:
1858:
1854:
1847:
1845:
1836:
1835:
1827:
1821:
1813:
1809:
1802:
1794:
1793:
1788:
1782:
1767:
1763:
1757:
1749:
1748:
1740:
1734:
1726:
1725:
1717:
1711:
1703:
1691:
1687:
1683:
1677:
1670:
1665:
1658:
1653:
1651:
1644:, p. 14.
1643:
1638:
1636:
1634:
1614:
1610:
1603:
1596:
1589:
1583:
1575:
1569:
1564:
1556:
1550:
1545:
1529:
1523:
1504:
1498:
1490:
1486:
1480:
1464:
1457:
1441:
1435:
1419:
1413:
1404:
1397:
1392:
1388:
1382:
1376:
1369:
1354:. May 5, 2023
1353:
1349:
1343:
1328:
1324:
1317:
1302:
1298:
1291:
1284:
1279:
1264:
1260:
1256:
1252:
1245:
1243:
1234:
1230:
1226:
1222:
1215:
1213:
1204:
1200:
1196:
1189:
1187:
1171:
1167:
1160:
1158:
1142:
1138:
1131:
1129:
1127:
1119:
1114:
1110:
1103:
1101:
1096:
1094:
1090:
1085:
1083:
1078:
1074:
1070:
1060:
1058:
1053:
1051:
1045:
1043:
1039:
1034:
1031:
1026:
1018:
1016:
1011:
1006:
1002:
998:
997:James Clyburn
994:
990:
986:
981:
976:
974:
970:
964:
962:
958:
954:
943:
940:
935:
931:
929:
925:
921:
916:
914:
909:
905:
901:
891:
889:
885:
880:
870:
861:
853:
849:
841:
832:
823:
813:
808:
798:
795:
791:
782:
779:
777:
772:
767:
764:
763:
758:
754:
749:
747:
742:
737:
735:
731:
726:
724:
720:
716:
711:
709:
695:
688:
678:
674:
670:
661:
659:
650:
645:
635:
632:
630:
629:Ronald Reagan
620:
616:
613:
612:Dick Gephardt
608:
606:
604:
598:
594:
591:
584:
574:
572:
568:
565:Debts of the
563:
560:
550:
548:
544:
539:
536:
532:
528:
518:
516:
512:
508:
504:
499:
497:
491:
489:
484:
482:
478:
473:
463:
460:
456:
452:
447:
444:
440:
436:
431:
429:
425:
421:
415:
411:
409:
405:
404:U.S. Treasury
401:
400:national debt
397:
393:
381:
376:
374:
369:
367:
362:
361:
359:
358:
351:
348:
346:
343:
341:
338:
337:
336:
332:
328:
319:
318:
310:
307:
306:
304:
296:
293:
291:
288:
286:
283:
281:
278:
276:
273:
271:
268:
266:
263:
262:
261:
258:
257:
255:
254:
245:
242:
240:
237:
235:
232:
231:
230:
227:
226:
224:
223:
215:
212:
209:
205:
203:
200:
198:
195:
193:
190:
188:
185:
183:
180:
176:
173:
172:
171:
168:
166:
165:Bush tax cuts
163:
162:
160:
159:
149:
148:
141:
138:
136:
133:
131:
128:
127:
121:
120:
113:
110:
108:
105:
103:
100:
98:
95:
93:
90:
88:
85:
83:
80:
78:
75:
73:
70:
69:
63:
62:
58:
53:
49:
48:
45:
38:
37:
34:
31:
23:
22:
19:
3535:
3508:
3495:
3482:
3470:the original
3465:
3449:. Retrieved
3445:
3432:
3417:the original
3365:
3361:
3353:The Atlantic
3352:
3336:. Retrieved
3331:
3304:November 22,
3302:. Retrieved
3293:
3282:November 22,
3280:. Retrieved
3271:
3258:. Retrieved
3239:. Retrieved
3214:. Retrieved
3202:
3192:
3180:. Retrieved
3177:Congress.gov
3176:
3166:
3154:. Retrieved
3150:
3140:
3128:. Retrieved
3124:
3114:
3079:
3075:
3065:
3053:. Retrieved
3049:
3039:
3014:
3010:
3000:
2988:. Retrieved
2983:
2973:
2961:. Retrieved
2957:
2947:
2935:. Retrieved
2909:. Retrieved
2903:
2893:
2881:. Retrieved
2877:
2867:
2855:. Retrieved
2851:
2841:
2829:. Retrieved
2825:
2815:
2803:. Retrieved
2799:
2774:. Retrieved
2770:
2760:
2752:
2748:
2728:. Retrieved
2723:
2716:
2704:
2699:, p. 8.
2692:
2673:
2654:
2642:, p. 1.
2635:
2623:. Retrieved
2613:
2601:. Retrieved
2587:
2575:. Retrieved
2562:
2550:
2538:
2525:
2495:. Retrieved
2491:
2481:
2469:. Retrieved
2465:
2456:
2444:. Retrieved
2440:
2430:
2418:. Retrieved
2413:
2404:
2394:
2384:
2369:
2358:
2348:
2337:
2326:
2315:
2303:
2291:. Retrieved
2286:
2272:. Retrieved
2268:
2254:. Retrieved
2250:
2231:. Retrieved
2227:
2216:
2204:
2192:. Retrieved
2182:
2170:. Retrieved
2166:
2156:
2144:. Retrieved
2134:
2122:. Retrieved
2094:. Retrieved
2069:. Retrieved
2059:
2047:
2035:
2023:
2018:, p. 1.
2011:
1992:
1984:the original
1977:
1968:
1958:September 7,
1956:. Retrieved
1952:
1942:
1933:
1924:
1915:
1906:
1897:
1888:
1877:
1865:
1856:
1832:
1820:
1811:
1801:
1790:
1781:
1771:December 24,
1769:. Retrieved
1756:
1745:
1733:
1722:
1710:
1700:– via
1694:. Retrieved
1689:
1676:
1664:
1620:. Retrieved
1608:
1595:
1582:
1563:
1551:, p. 2.
1544:
1532:. Retrieved
1522:
1510:. Retrieved
1497:
1479:
1467:. Retrieved
1456:
1444:. Retrieved
1434:
1422:. Retrieved
1420:. Enotes.com
1412:
1403:
1394:
1390:
1381:
1368:
1356:. Retrieved
1352:www.crfb.org
1351:
1342:
1330:. Retrieved
1326:
1316:
1304:. Retrieved
1300:
1290:
1278:
1266:. Retrieved
1254:
1224:
1202:
1198:
1173:. Retrieved
1169:
1144:. Retrieved
1140:
1113:
1100:Janet Yellen
1097:
1086:
1066:
1054:
1046:
1035:
1027:
1024:
1010:Janet Yellen
1001:Barack Obama
993:Jerry Nadler
989:Robert Reich
985:Bill Clinton
977:
972:
968:
965:
949:
936:
932:
917:
897:
881:
877:
831:tax receipts
822:expenditures
796:
792:
788:
780:
768:
760:
757:Barack Obama
750:
738:
730:fiscal cliff
727:
712:
690:
675:
671:
667:
655:
633:
626:
617:
609:
601:
599:
595:
586:
570:
564:
556:
540:
530:
524:
515:fiscal cliff
500:
492:
485:
469:
448:
432:
416:
412:
408:appropriated
392:debt ceiling
391:
389:
302:
251:
220:
187:Fiscal cliff
170:Debt ceiling
169:
156:
107:Unemployment
77:Expenditures
24:
18:
3451:January 13,
3338:January 13,
3260:January 13,
3216:January 18,
2990:December 2,
2963:January 23,
2678:Lawder 2012
2625:October 19,
2497:January 22,
2492:FOXBusiness
2471:January 22,
2446:January 22,
2420:October 23,
2194:October 20,
2172:October 20,
2146:October 20,
2124:October 17,
2096:January 26,
1692:. p. 1
1622:January 22,
1568:Austin 2008
1549:Austin 2008
1534:January 25,
1469:October 17,
1306:November 7,
1268:January 20,
1038:Peter Welch
759:signed the
753:2013 crisis
600:Before the
547:fiscal year
496:War of 1812
477:World War I
453:signed the
325:Cumulative
322:Terminology
97:Public debt
3573:Categories
3403:. Reuters.
3332:GAO-11-203
2933:. Politico
2395:Politifact
1934:CQ Almanac
1916:CQ Almanac
1898:CQ Almanac
1857:Politifact
1669:Green 2011
1512:January 8,
1106:References
1077:fiat money
838: Pre-
531:vice versa
466:Background
446:spending.
396:debt limit
3559:163149563
3551:317650570
3370:CiteSeerX
3368:(1): 14.
3211:0362-4331
3096:1573-6989
3023:0160-3477
2937:August 1,
2911:August 1,
2805:April 26,
2577:August 1,
1696:August 9,
1446:August 7,
1424:August 7,
1263:0362-4331
1028:In 2011,
1005:Joe Biden
710:the act.
451:Joe Biden
345:Inflation
295:2018–2019
280:1995–1996
3555:50016270
3526:(1993).
3496:CNNMoney
3466:CNNMoney
3446:CNNMoney
3151:Politico
3031:43671476
2958:LA Times
2852:POLITICO
2603:July 28,
2572:CBS News
2543:GAO 2012
2414:BBC News
2360:Newsweek
2339:Newsweek
2293:July 13,
2274:July 13,
2269:CBS News
2256:July 13,
2233:July 13,
2167:The Hill
1613:Archived
1170:POLITICO
840:pandemic
771:Jack Lew
739:Another
331:Interest
290:Jan 2018
130:Medicare
124:Programs
102:Taxation
29:a series
3534:(ed.).
3228:Sources
3105:7523488
2883:May 31,
2878:Reuters
2857:May 31,
2831:May 31,
2776:May 31,
2071:June 6,
1936:. 2008.
1918:. 2008.
1900:. 2007.
1358:June 1,
1332:June 1,
1301:Reuters
1233:2441308
1175:May 31,
1146:May 31,
1057:chicken
973:default
922:of the
701:⁄
605:of 1974
441:of the
420:default
327:deficit
175:history
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