The Resource Reaching the debt limit : background and potential effects on government operations, Mindy R. Levit, coordinator ; Clinton T. Brass, Thomas J. Nicola, Dawn Nuschler, Alison M. Shelton

Reaching the debt limit : background and potential effects on government operations, Mindy R. Levit, coordinator ; Clinton T. Brass, Thomas J. Nicola, Dawn Nuschler, Alison M. Shelton

Label
Reaching the debt limit : background and potential effects on government operations
Title
Reaching the debt limit
Title remainder
background and potential effects on government operations
Statement of responsibility
Mindy R. Levit, coordinator ; Clinton T. Brass, Thomas J. Nicola, Dawn Nuschler, Alison M. Shelton
Contributor
Subject
Language
eng
Summary
Treasury has yet to face a situation in which it was unable to pay its obligations as a result of reaching the debt limit. In the past, the debt limit has always been raised before the debt reached the limit. However, on several occasions Treasury took extraordinary actions to avoid reaching the limit and, as a result, affected the operations of certain programs. If the Secretary of the Treasury determines that the issuance of obligations of the United States may not be made without exceeding the public debt limit, Treasury can make use of 'extraordinary measures.' If financing options are exhausted and Treasury is no longer able to pay the bills, serious financial and economic implications could result that could have a lasting impact on federal programs and the U.S.'s ability to borrow in the future. According to Treasury, if the debt limit is not raised after that point, payment of other obligations and benefits would be discontinued, limited, or adversely affected. It is extremely difficult for Congress to effectively influence short-term fiscal and budgetary policy through action on legislation adjusting the debt limit. The need to raise (or lower) the limit during a session of Congress is driven by previous decisions regarding revenues and spending stemming from legislation enacted earlier in the session or in prior years. Nevertheless, the consideration of debt-limit legislation often is viewed as an opportunity to reexamine fiscal and budgetary policy. Consequently, House and Senate action on legislation adjusting the debt limit often is complicated, hindered by policy disagreements, and subject to delay
Member of
Cataloging source
LNH
Government publication
federal national government publication
Index
no index present
Literary form
non fiction
Nature of contents
bibliography
http://library.link/vocab/relatedWorkOrContributorName
  • Levit, Mindy R
  • Brass, Clinton T
  • Nicola, Thomas J
  • Nuschler, Dawn
  • Shelton, Alison M
  • Library of Congress
Series statement
CRS report for Congress
Series volume
R41633
http://library.link/vocab/subjectName
  • Budget
  • Debts, Public
  • Government spending policy
  • United States
  • Budget
  • Debts, Public
  • Government spending policy
  • Politics and government
  • United States
Label
Reaching the debt limit : background and potential effects on government operations, Mindy R. Levit, coordinator ; Clinton T. Brass, Thomas J. Nicola, Dawn Nuschler, Alison M. Shelton
Instantiates
Publication
Note
  • Title from title screen (viewed Oct. 4, 2011)
  • "April 27, 2011."
Bibliography note
Includes bibliographical references
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Color
multicolored
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Dimensions
unknown
Extent
20 pages
File format
one file format
Form of item
online
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Note
Hein Online
Other physical details
digital, PDF file.
Specific material designation
remote
System control number
  • (OCoLC)755745924
  • (OCoLC)ocn755745924
System details
  • Mode of access: World Wide Web
  • System requirements: Adobe Acrobat Reader
Label
Reaching the debt limit : background and potential effects on government operations, Mindy R. Levit, coordinator ; Clinton T. Brass, Thomas J. Nicola, Dawn Nuschler, Alison M. Shelton
Publication
Note
  • Title from title screen (viewed Oct. 4, 2011)
  • "April 27, 2011."
Bibliography note
Includes bibliographical references
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Color
multicolored
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Dimensions
unknown
Extent
20 pages
File format
one file format
Form of item
online
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Note
Hein Online
Other physical details
digital, PDF file.
Specific material designation
remote
System control number
  • (OCoLC)755745924
  • (OCoLC)ocn755745924
System details
  • Mode of access: World Wide Web
  • System requirements: Adobe Acrobat Reader

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