The debt limit
Subtitle: history and recent increases
By: D. Andrew Austin, Mindy R. Levit
Contributors: Levit, Mindy R.; Library of Congress. Congressional Research Service
Series: CRS Report for Congress -- RL31967; CRS report for Congress -- RL31967
Publisher: Congressional Research Service
Published: 2011
Place of publication: Washington, D.C.]
Language: eng
Format: [electronic resource] :
Number of pages: 28
Subjects: Public Debts; Deficit financing; Budget deficits
Description: Total debt of the federal government can increase in two ways. First, debt increases when the government sells debt to the public to finance budget deficits and acquire the financial resources needed to meet its obligations. This increases debt held by the public. Second, debt increases when the federal government issues debt to certain government accounts, such as the Social Security, Medicare, and Transportation trust funds, in exchange for their reported surpluses. This increases debt held by government accounts. The sum of debt held by the public and debt held by government accounts is the total federal debt. Surpluses reduce debt held by the public, while deficits raise it. Total federal debt outstanding was $14,344 billion on June 29, 2011.
Notes: Title from PDF title page (viewed on Aug. 16, 2011).

"July 1, 2011."

Preserved in the OCLC Digital Archive. Harvested from http://fpc.state.gov/documents/organization/168098.pdf on Aug. 17, 2011.

Includes bibliographical references.

Mode of access: World Wide Web.

System requirements: Adobe Reader.