From the Document: "Debt limit episodes [hyperlink] have been a recurrent federal fiscal feature in the past two decades. Since 2002, the debt limit has been modified 20 times [hyperlink]. In August 2019, the Bipartisan Budget Act of 2019 (BBA 2019; P.L. [Public Law] 116-37) 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 and was raised [hyperlink] by $480 billion on October 14, 2021. A measure [hyperlink] that set up an expedited procedure [hyperlink] in the Senate to consider a debt limit increase and delayed some cost-saving measures [hyperlink] in Medicare and certain other health programs, once enacted [hyperlink] on December 10, cleared the way for a $2.5 trillion debt limit increase signed into law on December 16, 2021 [hyperlink]. The new limit stands just below $31.4 trillion [hyperlink]. The debt limit issue in 2021 had a few unique characteristics. The COVID-19 [coronavirus disease 2019] pandemic has remained a source of economic uncertainty. Fiscal responses spurred by the pandemic accelerated the pace of federal debt accumulation. The U.S. Treasury also had increased its cash balances sharply in 2020 to accommodate those fiscal responses."
CRS Insight, IN11702
Congressional Research Service: https://crsreports.congress.gov/