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Debt Limit Since 2011 [Updated July 1, 2019]
From the Summary: "The Constitution grants Congress the power to borrow money on the credit of the United States--one part of its power of the purse--and thus mandates that Congress exercise control over federal debt. Control of debt policy has at times provided Congress with a means of raising concerns regarding fiscal policies. Debates over federal fiscal policy have been especially animated in the past decade, in part because of the accumulation of federal debt in the wake of the 2007-2008 financial crisis and subsequent recession. Rising debt levels, along with continued differences in views of fiscal policy, led to a series of contentious debt limit episodes in recent years. The most recent suspension of the debt limit lapsed after March 1, 2019. The limit was then reset at $21.988 trillion, a level that accommodates federal obligations incurred during the suspension period. U.S. Treasury Secretary Steven Mnuchin invoked extraordinary authorities on March 4, 2019. CBO [Congressional Budget Office] estimated that Treasury could meet federal obligations until just before or just after October 1, 2019. One private estimate suggests Treasury could cover federal payments until at least mid-August or even early October. Such estimates are subject to considerable uncertainty."
Library of Congress. Congressional Research Service
Austin, D. Andrew
2019-07-01
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Economic and Fiscal Conditions in the U.S. Virgin Islands [Updated February 13, 2020]
From the Document: "This report provides an overview of economic and fiscal conditions in the U.S. Virgin Islands (USVI). The political status of the U.S. Virgin Islands and responses to Hurricanes Irma and Maria are not covered in depth here. Fiscal and economic challenges facing the USVI government raise several issues for Congress. First, Congress may choose to maintain oversight of federal policies that could affect the USVI's long-term fiscal stability. Second, Congress may consider further legislation that would extend or restructure long-range disaster assistance programs to mitigate those challenges and promote greater resiliency of infrastructure and public programs. Federal responses to the USVI's fiscal distress could conceivably affect municipal debt markets more broadly."
Library of Congress. Congressional Research Service
Austin, D. Andrew
2020-02-13
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Treasuries and Repo in the Time of COVID-19 [July 20, 2020]
From the Document: "The U.S. Treasury issues debt securities--known as Treasuries--that play three critical roles in the economy: funding the government, supplying safe assets, and anchoring liquidity flows in financial markets. This Insight examines how the coronavirus pandemic has affected all three roles."
Library of Congress. Congressional Research Service
Austin, D. Andrew; Miller, Rena S.
2020-07-20
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Mandatory Spending Since 1962 [March 18, 2015]
"Federal spending is divided into three broad categories: discretionary spending, mandatory spending, and net interest. Mandatory spending is composed of budget outlays controlled by laws other than appropriation acts, including federal spending on entitlement programs. Entitlement programs such as Social Security and Medicare make up the bulk of mandatory spending. […] Over the long term, projections suggest that if current policies remain unchanged, the United States could face a major fiscal imbalance, largely due to rising health care costs and impending baby boomer retirements. Federal mandatory spending on health care is projected to expand from 5% of GDP[Gross Domestic Product] in FY2014 to 14% in FY2089 according to Congressional Budget Office's (CBO) extended baseline projection. Social Security is projected to grow from 5% of GDP in FY2014 to 7% of GDP by FY2089. The share of mandatory spending continues to increase as a portion of total federal spending. Because discretionary spending is a smaller proportion of total federal outlays compared to mandatory spending, some budget experts contend that any significant reductions in federal spending must include cuts in entitlement spending. Other budget and social policy experts contend that cuts in entitlement spending could compromise their goals: the economic security of the elderly and the poor. This report will be updated annually."
Library of Congress. Congressional Research Service
Levit, Mindy R.; Austin, D. Andrew; Stupak, Jeffrey M.
2015-03-18
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Debt Limit Since 2011 [June 5, 2017]
"The Constitution grants Congress the power to borrow money on the credit of the United States- one part of its power of the purse-and thus mandates that Congress exercise control over federal debt. Control of debt policy has at times provided Congress with a means of raising concerns regarding fiscal policies. Debates over federal fiscal policy have been especially animated in recent years. The accumulation of federal debt accelerated in the wake of the 2007-2008 financial crisis and subsequent recession. Rising debt levels, along with continued differences in views of fiscal policy, led to a series of contentious debt limit episodes in recent years."
Library of Congress. Congressional Research Service
Austin, D. Andrew
2017-06-05
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Puerto Rico's Current Fiscal Challenges [April 11, 2016]
"The government of Puerto Rico faces severe fiscal challenges. A federal District Court judge in late March 2016 held that the island's government was insolvent and unable to pay its obligations on time. Emergency legislation (Act 21 of 2016) enacted on April 6, 2016, stated that the Puerto Rican government's fiscal condition 'is more dire than at any other point in its history' and that 'depleted resources and strained liquidity threaten to bind the Commonwealth to a choice between honoring its commitments to bondholders or continuing to provide the residents of Puerto Rico with essential services.' On April 9, 2016, the Puerto Rican governor invoked emergency authorities to maintain public operations."
Library of Congress. Congressional Research Service
Austin, D. Andrew
2016-04-11
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Puerto Rico's Current Fiscal Challenges [September 25, 2015]
From the Summary: "The government of Puerto Rico faces multiple fiscal challenges in the fall of 2015. Concerns regarding the sustainability of Puerto Rico's public finances have intensified over the past year, despite several measures taken by the island's government to reduce spending, increase revenues, and restructure its obligations. The Puerto Rican government outlined a medium-term strategy to address those challenges in a fiscal plan put forth in mid-September 2015."
Library of Congress. Congressional Research Service
Austin, D. Andrew
2015-09-25
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Puerto Rico's Current Fiscal Challenges: In Brief [August 18, 2015]
"The government of Puerto Rico faces multiple fiscal challenges in coming weeks and months. Concerns regarding the sustainability of Puerto Rico's public finances have intensified over the past year, despite several measures taken by the island's government to reduce spending, increase revenues, and restructure its obligations. Puerto Rico faces several fiscal hurdles in 2015. The island's central government and its public corporations face substantial debt service costs. The Puerto Rican government, which has faced major liquidity challenges in recent years, recently warned that it may 'lack sufficient resources to fund all necessary governmental programs and services as well as meet debt service obligations for fiscal year 2016,' although it had contended that it has sufficient funds available. Much of the Puerto Rican government's revenue stream for the first part of its fiscal year, which began on July 1, is earmarked to redeem revenue bonds. At the beginning of August 2015, Puerto Rico did not make a full interest and principal payment due on bonds issued by the Public Finance Corporation, a subsidiary of the island's Government Development Bank."
Library of Congress. Congressional Research Service
Austin, D. Andrew
2015-08-18
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Puerto Rico's Current Fiscal Challenges: In Brief [July 7, 2015]
"The government of Puerto Rico faces multiple fiscal challenges in coming weeks and months. Concerns regarding the sustainability of Puerto Rico's public finances have intensified over the past year, despite several measures taken by the island's government to reduce spending, increase revenues, and restructure its obligations. Puerto Rico faces several fiscal hurdles in 2015. The island's central government and its public corporations face substantial debt service costs. The Puerto Rican government, which has faced major liquidity challenges in recent years, recently warned that it may 'lack sufficient resources to fund all necessary governmental programs and services as well as meet debt service obligations for fiscal year 2016,' although it had contended that it has sufficient funds available. Much of the Puerto Rican government's revenue stream for the first part of its fiscal year, which began on July 1, is earmarked to redeem revenue bonds. On June 29, 2015, Puerto Rico's governor, Alejandro García Padilla, stated during a televised address that 'the debt is not payable.' García Padilla said his administration would seek concessions from the island's creditors as part of a new fiscal strategy, which would be developed by a newly established working group on economic recovery and debt restructuring. On the same day, the Puerto Rican government released a report it had commissioned from three former International Monetary Fund economists. The report described severe short-term funding challenges as well as longstanding issues with key parts of the Puerto Rican economy and public sector."
Library of Congress. Congressional Research Service
Austin, D. Andrew
2015-07-07
