ABSTRACT

Debt Limit: History and Recent Increases [May 3, 2013]   [open pdf - 1MB]

"Total federal debt 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."

Report Number:
CRS Report for Congress, RL31967
Author:
Publisher:
Date:
2013-05-03
Series:
Copyright:
Public Domain
Retrieved From:
Via E-mail
Format:
pdf
Media Type:
application/pdf
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