From the Document: "Debt limit episodes [hyperlink] --which can be defined as starting when the statutory limit on federal debt restricts some of the U.S. Treasury's normal debt operations and ending when new legislation to modify the limit is enacted--have been a recurrent federal fiscal feature in the past two decades. Since 2002, the debt limit has been modified 18 times [hyperlink]. The Bipartisan Budget Act of 2019 (BBA 2019; P.L. 116-37), enacted in August 2019, had suspended the debt limit through July 31, 2021. The limit was reset at just over $28.4 trillion [hyperlink] at the beginning of August 2021. On September 28, 2021, Treasury Secretary Janet Yellen notified Congress [hyperlink] that 'Treasury is likely to exhaust its extraordinary measures if Congress has not acted to raise or suspend the debt limit by October 18. At that point, we expect Treasury would be left with very limited resources that would be depleted quickly.' Projections from other sources, discussed below, are mostly similar. Secretary Yellen called on Congress to act in a September 19, 2021, commentary [hyperlink], warning of dire consequences if the debt limit were not raised."
CRS Insight, IN11702
Congressional Research Service: https://crsreports.congress.gov/