Government Information

Earl Gregg Swem Library

Federal Debt and the Statutory Limit, August 2015

Categories: Govt Finance,Govt Processes/Organization,Laws/Regulations

https://www.cbo.gov/sites/default/files/114th-congress-2015-2016/reports/50739-FederalDebt.pdf

Predicts the so-called debt ceiling will be reached between mid-November and early December and the federal government would not be able to fully pay its obligations.  Explains the background to the current situation, what makes up the debt subject to limit, what extraordinary measures can be taken, and what happens when they run out.  From the Congressional Budget Office