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Table
7.3-STATUTORY LIMITS ON FEDERAL DEBT: 1940-CURRENT
|
> |
|
Date
and Act
|
History
of Legislation
|
Dollar
Amount of Limit
|
|
June 25,
1940
|
> |
> |
| >54
Stat. 526 |
>Amended
sec. 21, adding new authority for issuance of $4 billion National Defense
Series obligations outstanding |
49.000.000.000
|
|
February
19, 1941
|
> |
> |
| >55
Stat. 7 |
>Amended
sec. 21, eliminating authority for $4 billion of National Defense Series
obligations and increasing limitation to |
65.000.000.000
|
|
March 28,
1942
|
> |
> |
| >56
Stat. 189 |
>Amended
sec. 21, increasing limitation to |
125.000.000.000
|
|
April 11,
1943
|
> |
> |
| >57
Stat. 63 |
>Amended
sec. 21, increasing limitation to |
210.000.000.000
|
|
June 9,
1944
|
> |
> |
| >58
Stat. 272 |
>Amended
sec. 21, increasing limitation to |
260.000.000.000
|
|
April 3,
1945
|
> |
> |
| >59
Stat. 47 |
>Amended
sec. 21, including obligations guaranteed as to principal and interest
by the United States and increasing limitation to |
300.000.000.000
|
|
June 26,
1946
|
> |
> |
| >60
Stat. 316 |
>Amended
sec. 21, defining face amount of savings bonds to be current redemption
value and decreasing limitation to |
275.000.000.000
|
|
August 28,
1954
|
> |
> |
| >68
Stat. 895 |
>Increasing
sec. 21 limitation by $6 billion during period beginning August 28, 1954,
and ending June 30, 1955 |
281.000.000.000
|
|
June 30,
1955
|
> |
> |
| >69
Stat. 241 |
>Amended
act of August 28,1954, extending increase in limitation until June 30,
1956 |
281.000.000.000
|
|
July 9,
1956
|
> |
> |
| >70
Stat. 519 |
>Increased
sec. 21 limitation by $3 billion during period beginning July 1, 1956,
and ending June 30, 1957 |
278.000.000.000
|
| > |
>Temporary
increase terminated July 1, 1957, and limitation reverted to |
275.000.000.000
|
|
February
26, 1958
|
> |
> |
| >72
Stat. 27 |
>Increased
sec. 21 limitation by $5 billion during period beginning February 26, 1958,
and ending June 30, 1959 |
280.000.000.000
|
|
September
2, 1958
|
> |
> |
| >72
Stat. 1758 |
>Amended
sec. 21, increasing limitation to $283 billion, which with temporary increase
of February 26, 1958 made limitation |
288.000.000.000
|
|
June 30,
1959
|
> |
> |
| >73
Stat. 156 |
>Amended
sec. 21, increasing limitation to $285 billion and increased sec. 21 limitation
by $10 billion during period |
| > |
>beginning
July 1, 1959, and ending June 30, 1960 |
295.000.000.000
|
|
June 30,
1960
|
> |
> |
| >74
Stat. 290 |
>Increased
sec. 21 limitation by $8 billion during period beginning July 1, 1960,
and ending June 30, 1961 |
293.000.000.000
|
|
June 30,
1961
|
> |
> |
| >75
Stat. 148 |
>Increased
sec. 21 limitation by $13 billion during period beginning July 1, 1961,
and ending June 30, 1962 |
298.000.000.000
|
|
March 13,
1962
|
> |
> |
| >76
Stat. 23 |
>Increased
sec. 21 limitation by $2 billion (in addition to temporary increase of
$13 billion in act of June 30, 1961)during period beginning March 13, 1962,
and ending June 30, 1962 |
300.000.000.000
|
|
July 1,
1962
|
> |
> |
| >76
Stat. 124 |
>Increased
sec. 21 limitation during the periods: |
> |
| > |
>(1)
beginning July 1, 1962, and ending March 31, 1963, to |
308.000.000.000
|
| > |
>(2)
beginning April 1, 1963, and ending June 24, 1963, to |
305.000.000.000
|
| > |
>(3)
beginning June 25, 1963, and ending June 30, 1963, to |
300.000.000.000
|
|
May 29,
1963
|
> |
> |
| >77
Stat. 90 |
>Increased
sec. 21 limitation during the periods: |
> |
| > |
>(1)
beginning May 29, 1963, and ending June 30, 1963, to |
307.000.000.000
|
| > |
>(2)
beginning July 1, 1963, and ending August 31, 1963, to |
309.000.000.000
|
|
August 27,
1963
|
> |
> |
| >77
Stat. 131 |
>Increased
sec. 21 limitation during the period beginning September 1, 1963, and ending
November 30, 1963, to |
309.000.000.000
|
|
November
26, 1963
|
> |
> |
| >77
Stat. 342 |
>Increased
sec. 21 limitation during the periods: |
> |
| > |
>(1)
beginning December 1, 1963, and ending June 29, 1964, to |
315.000.000.000
|
| > |
>(2)
ending June 30, 1964, to |
309.000.000.000
|
|
June 29,
1964
|
> |
> |
| >78
Stat. 225 |
>Increased
sec. 21 limitation during the period beginning June 29, 1964, and ending
June 30, 1965, to |
324.000.000.000
|
|
June 24,
1965
|
> |
> |
| >79
Stat. 172 |
>Increased
sec. 21 limitation during the period beginning July 1, 1965, and ending
June 30, 1966, to |
328.000.000.000
|
|
June 24,
1966
|
> |
> |
| >80
Stat. 221 |
>Increased
sec. 21 limitation during the period beginning July 1, 1966, and ending
June 30, 1967, to |
330.000.000.000
|
|
March 2,
1967
|
> |
> |
| >81
Stat. 4 |
>Increased
sec. 21 limitation during the period beginning March 2, 1967, and ending
June 30, 1967, to |
336.000.000.000
|
|
June 30,
1967
|
> |
> |
| >81
Stat. 99 |
>Sec.
21 amended to increase limitation on aggregate outstanding at any time
to |
358.000.000.000
|
| > |
>Sec.
21 amended also to increase the limitation temporarily, beginning July
1, 1968, and each July 1 thereafter for theperiod beginning July 1 and
ending June 29 of each succeeding calendar year by $7 billion, providing
an operating limitation of |
365.000.000.000
|
|
April 7,
1969
|
> |
> |
| >83
Stat. 7 |
>Amended
sec. 21, increasing limitation to $365 billion, and increased sec. 21 limitation
by $12 billion during periodbeginning April 7, 1969, and ending June 30,
1970 |
377.000.000.000
|
|
June 30,
1970
|
> |
> |
| >84
Stat. 368 |
>Amended
sec. 21, increasing limitation to $380 billion, and increased sec. 21 limitation
by $15 billion during periodbeginning July 1, 1970, and ending June 30,
1971 |
395.000.000.000
|
|
March 17,
1971
|
> |
> |
| >85
Stat. 5 |
>Amended
sec. 21, increasing limitation to $400 billion, and increased sec. 21 limitation
by $30 billion during periodbeginning March 17, 1971, and ending June 30,
1972 |
430.000.000.000
|
|
March 15,
1972
|
> |
> |
| >86
Stat. 63 |
>Amended
sec. 21, to further increase the limitation temporarily by $20 billion
during period beginning March 15, 1972, andending June 30, 1972 |
450.000.000.000
|
|
July 1,
1972
|
> |
> |
| >86
Stat. 406 |
>Amended
act of March 15, 1972, striking out June 30, 1972, and inserting in lieu
thereof October 31, 1972 |
450.000.000.000
|
|
October
27, 1972
|
> |
> |
| >86
Stat. 1324 |
>Increased
sec. 21 limitation during the period beginning November 1, 1972, and ending
June 30, 1973 |
465.000.000.000
|
|
July 1,
1973
|
> |
> |
| >86
Stat. 1324 |
>Amended
act of October 27, 1972, striking out June 30, 1973, and inserting in lieu
thereof November 30, 1973 |
465.000.000.000
|
|
December
3, 1973
|
> |
> |
| >87
Stat. 691 |
>Increased
sec. 21 limitation during the period beginning December 3, 1973, and ending
June 30, 1974 |
475.700.000.000
|
|
June 30,
1974
|
> |
> |
| >88
Stat. 285 |
>Increased
sec. 21 limitation during the period beginning June 30, 1974, and ending
March 31, 1975 |
495.000.000.000
|
|
February
19, 1975
|
> |
> |
| >89
Stat. 5 |
>Increased
sec. 21 limitation during the period beginning February 19, 1975, and ending
June 30, 1975 |
577.000.000.000
|
|
June 30,
1975
|
> |
> |
| >89
Stat. 246 |
>Increased
sec. 21 limitation during the period beginning June 30, 1975, and ending
November 15, 1975 |
577.000.000.000
|
|
November
14, 1975
|
> |
> |
| >89
Stat. 693 |
>Increased
sec. 21 limitation during the period beginning November 14, 1975, and ending
March 15, 1976 |
595.000.000.000
|
|
March 15,
1976
|
> |
> |
| >90
Stat. 217 |
>Increased
sec. 21 limitation during the period beginning March 15, 1976, and ending
June 30, 1976 |
627.000.000.000
|
|
June 30,
1976
|
> |
> |
| >90
Stat. 793 |
>Increased
sec. 21 limitation during the periods: |
> |
| > |
>(1)
beginning July 1, 1976, and ending September 30, 1976, to |
636.000.000.000
|
| > |
>(2)
beginning October 1, 1976, and ending March 31, 1977, to |
682.000.000.000
|
| > |
>(3)
beginning April 1, 1977, and ending September 30, 1977, to |
700.000.000.000
|
| > |
>Temporary
increase terminated October 1, 1977, and limitation reverted to |
400.000.000.000
|
|
October
4, 1977
|
> |
> |
| >91
Stat. 1090 |
>Increased
sec. 21 limitation by $352 billion during the period beginning October
4, 1977, and ending March 31, 1978 |
752.000.000.000
|
|
March 27,
1978
|
> |
> |
| >92
Stat. 185 |
>Amended
act of October 4, 1977, striking out March 31, 1978, and inserting in lieu
thereof July 31, 1978 |
752.000.000.000
|
| > |
>Temporary
increase terminated August 1, 1978, and limitation reverted to |
400.000.000.000
|
|
August 3,
1978
|
> |
> |
| >92
Stat. 419 |
>Increased
sec. 21 limitation by $398 billion during the period beginning August 3,
1978, and ending March 31, 1979 |
798.000.000.000
|
| > |
>Temporary
increase terminated April 1, 1979, and limitation reverted to |
400.000.000.000
|
|
April 2,
1979
|
> |
> |
| >93
Stat. 8 |
>Increased
sec. 21 limitation by $430 billion during the period beginning April 2,
1979, and ending September 30, 1979 |
830.000.000.000
|
|
September
29, 1979
|
> |
> |
| >93
Stat. 589 |
>Increased
sec. 21 limitation by $479 billion during the period beginning September
29, 1979, and ending May 31, 1980 |
879.000.000.000
|
|
May 30,
1980
|
> |
> |
| >94
Stat. 421 |
>Amended
act of September 29, 1979, striking out May 31, 1980, and inserting in
lieu thereof June 5, 1980 |
879.000.000.000
|
|
June 6,
1980
|
> |
> |
| >94
Stat. 439 |
>Amended
act of September 29, 1979, striking out June 5, 1980, and inserting in
lieu thereof June 30, 1980 |
879.000.000.000
|
|
June 28,
1980
|
> |
> |
| >94
Stat. 598 |
>Increased
sec. 21 limitation by $525 billion during the period beginning June 28,
1980, and ending February 28, 1981 |
925.000.000.000
|
|
December
19, 1980
|
> |
> |
| >94
Stat. 3261 |
>Increased
the total debt limit (composed of $400.0 billion of permanent ceiling,
$535.1 billion of temporary ceiling) to |
935.100.000.000
|
|
February
7, 1981
|
> |
> |
| >95
Stat. 4 |
>Increased
the temporary portion of the debt limit to $585.0 billion through September
30, 1980, raising the total debtceiling to |
985.000.000.000
|
|
September
30, 1981
|
> |
> |
| >95
Stat. 955 |
>Increased
the temporary portion of the debt limit to $599.8 billion for one day-September
30, 1981 |
999.800.000.000
|
|
September
30, 1981
|
> |
> |
| >95
Stat. 956 |
>Increased
the temporary portion of the debt limit to $679.8 billion through September
30, 1982 |
1.079.800.000.000
|
|
June 28,
1982
|
> |
> |
| >96
Stat. 130 |
>Increased
the temporary portion of the debt limit to $743.1 billion through September
30, 1982 |
1.143.100.000.000
|
|
September
30, 1982
|
> |
> |
| >96
Stat. 1156 |
>Increased
the temporary portion of the debt limit to $890.2 billion through September
30, 1983 |
1.290.200.000.000
|
|
May 26,
1983
|
> |
> |
| >97
Stat. 196 |
>Eliminated
the distinction between permanent and temporary limit with the enactment
of a single permanent limit.Raised the debt limit to |
1.389.000.000.000
|
|
November
21, 1983
|
> |
> |
| >97
Stat. 1012 |
>Increased
the debt limit to |
1.490.000.000.000
|
|
May 25,
1984
|
> |
> |
| >98
Stat. 217 |
>Increased
the debt limit to |
1.520.000.000.000
|
|
July 6,
1984
|
> |
> |
| >98
Stat. 313 |
>Increased
the debt limit to |
1.573.000.000.000
|
|
October
13, 1984
|
> |
> |
| >98
Stat. 2206 |
>Increased
the debt limit to |
1.823.800.000.000
|
|
November
14, 1985
|
> |
> |
| >99
Stat. 814 |
>Increased
the debt limit temporarily through December 6, 1985 to |
1.903.800.000.000
|
|
December
12, 1985
|
> |
> |
| >99
Stat. 1037 |
>Increased
the debt limit to |
2.078.700.000.000
|
|
August 21,
1986
|
> |
> |
| >100
Stat. 818 |
>Increased
the debt limit to |
2.111.000.000.000
|
|
October
21, 1986
|
> |
> |
| >100
Stat. 1874 |
>Increased
the debt limit temporarily through May 15, 1987 to |
2.300.000.000.000
|
|
May 15,
1987
|
> |
> |
| >101
Stat. 308 |
>Increased
the debt limit temporarily through July 17, 1987 to |
2.320.000.000.000
|
|
July 30,
1987
|
> |
> |
| >101
Stat. 542 |
>Increased
the debt limit temporarily through August 6, 1987 to |
2.320.000.000.000
|
|
August 10,
1987
|
> |
> |
| >101
Stat. 550 |
>Increased
the debt limit temporarily through September 23, 1987 to |
2.352.000.000.000
|
|
September
29, 1987
|
> |
> |
| >101
Stat. 754 |
>Increased
the debt limit to |
2.800.000.000.000
|
|
August 7,
1989
|
> |
> |
| >103
Stat. 182 |
>Increased
the debt limit temporarily through October 31, 1989 to |
2.870.000.000.000
|
|
November
8, 1989
|
> |
> |
| >103
Stat. 830 |
>Increased
the debt limit to |
3.122.700.000.000
|
|
August 9,
1990
|
> |
> |
| >104
Stat. 403 |
>Increased
the debt limit temporarily through October 2, 1990 to |
3.195.000.000.000
|
|
October
2, 1990
|
> |
> |
| >104
Stat. 878 |
>Increased
the debt limit temporarily through October 6, 1990 to |
3.195.000.000.000
|
|
October
9, 1990
|
> |
> |
| >104
Stat. 894 |
>Increased
the debt limit temporarily through October 19, 1990 to |
3.195.000.000.000
|
|
October
19, 1990
|
> |
> |
| >104
Stat. 1030 |
>Increased
the debt limit temporarily through October 24, 1990 to |
3.195.000.000.000
|
|
October
25, 1990
|
> |
> |
| >104
Stat. 1075 |
>Increased
the debt limit temporarily through October 27, 1990 to |
3.195.000.000.000
|
|
October
28, 1990
|
> |
> |
| >104
Stat. 1086 |
>Increased
the debt limit temporarily through November 5, 1990 to |
3.230.000.000.000
|
|
November
5, 1990
|
> |
> |
| >104
Stat. 1388-560 |
>Increased
the debt limit to |
4.145.000.000.000
|
|
April 6,
1993
|
> |
> |
| >107
Stat. 42 |
>Increased
the debt limit temporarily through September 30, 1993 to |
4.370.000.000.000
|
|
August 10,
1993
|
> |
> |
| >107
Stat. 312 |
>Increased
the debt limit to |
4.900.000.000.000
|
|
February
8, 1996
|
> |
> |
| >110
Stat. 55 |
>Temporarily
exempted from limit obligations in an amount equal to the monthly insurance
benefits payable under Title II ofthe Social Security Act in March 1996,
the exemption to expire on the earlier of an increase in the limit or March
15, 1996. |
|
March 12,
1996
|
> |
> |
| >110
Stat. 825 |
>Temporarily
exempted from limit (a) obligations in an amount equal to the monthly insurance
benefits payable under Title II ofthe Social Security Act in March 1996
and (b) certain obligations issued to trust funds and other Federal Government
accounts,both exemptions to expire on the earlier of an increase in the
limit or March 30, 1996. |
|
March 29,
1996
|
> |
> |
| >110
Stat. 875 |
>Increased
the debt limit to |
5.500.000.000.000
|
|
August 5,
1997
|
> |
> |
| >111
Stat. 648 |
>Increased
the debt limit to |
5.950.000.000.000
|
Quelle: Office of Management and Budget
|
|