The Debt Limit : History and Recent Increases

Author / Creator

Library of Congress. Government Division

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Online

Summary

Summarizes P.L. 112-25, the Budget Control Act of 2011, which includes numerous provisions aimed at deficit reduction, and provides for debt ceiling increase up to $2.4 trillion. Discusses backgrou...

Summarizes P.L. 112-25, the Budget Control Act of 2011, which includes numerous provisions aimed at deficit reduction, and provides for debt ceiling increase up to $2.4 trillion. Discusses background and history of Federal debt limit, and explains rationale for Federal debt limit. Examines Federal debt situation between 2002-2011 and efforts to resolve debt limit issue since 2002.

This report is one in a series of updates. For the most recent coverage of this report series, please see 13-RL-31967n in the 2013 issue.

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