What’s the deal with the debt ceiling? 5 questions answered
by Steven Pressman | July 19, 2017 9:26 AM
Endnotes:
- maxed out: http://www.cnbc.com/2017/03/27/there-is-no-debt-ceiling-crisis-at-least-for-now.html
- debt ceiling: https://www.treasury.gov/initiatives/Pages/debtlimit.aspx
- Congress established: https://www.senate.gov/CRSpubs/d2c8f833-9796-4b3e-9462-6b1755ef463d.pdf
- U.S. government debt: https://fred.stlouisfed.org/series/GFDEBTN
- size of our economy: https://fred.stlouisfed.org/series/GDP
- currently owns $5 trillion worth: https://www.ssa.gov/cgi-bin/investheld.cgi
- holds about $2.5 trillion: https://fred.stlouisfed.org/series/TREAST
- foreign countries, companies and individuals: http://ticdata.treasury.gov/Publish/mfh.txt
- created the debt ceiling: https://www.federalreservehistory.org/essays/liberty_bonds
- has been increased many times: https://fas.org/sgp/crs/misc/RL31967.pdf
- since 1960 alone: https://www.treasury.gov/initiatives/Pages/debtlimit.aspx
- legislation expired: http://wric.com/2017/03/19/debt-limit-goes-back-into-effect-at-level-near-20-trillion/
- $440 billion more in fiscal year 2017: https://www.thebalance.com/current-u-s-federal-budget-deficit-3305783
- extraordinary measures: https://www.budget.senate.gov/imo/media/doc/Debt-Limit%20Extraordinary%20Measures%20BB030917.pdf
- stopped funding retirement programs: https://www.treasury.gov/initiatives/Documents/Description_of_Extraordinary_Measures_2017_03_16.pdf
- $182 billion surplus: https://www.fiscal.treasury.gov/fsreports/rpt/mthTreasStmt/mts0417.pdf
- Bipartisan Policy Center: https://bipartisanpolicy.org/blog/bpc-narrows-x-date-forecast-to-early-to-mid-october/
- Congressional Budget Office: https://www.cbo.gov/system/files/115th-congress-2017-2018/reports/52837-debtlimit.pdf
- recess in August through Labor Day: https://www.senate.gov/artandhistory/history/common/generic/News_August_Recess.htm
- Some argue: http://www.nationalreview.com/article/271329/constitutional-nonsense-debt-john-berlau
- is more important: http://thehill.com/blogs/floor-action/house/298767-house-approves-debt-ceiling-contingency-plan
- most: http://www.dorfonlaw.org/2011/07/obligation-is-debt-that-must-be-paid.html
- people: http://www.npr.org/2013/10/07/229856550/in-a-debt-crisis-u-s-may-have-to-decide-payment-priorities
- Some pundits: http://www.pbs.org/newshour/bb/politics-july-dec13-debtceiling_10-03/
- it did in 2013: http://www.nytimes.com/2013/10/17/us/congress-budget-debate.html
- has said: https://www.washingtonpost.com/news/wonk/wp/2017/06/09/u-s-readying-plans-and-backup-plans-if-debt-ceiling-isnt-raised-soon-mnuchin-says/?utm_term=.a8819c467d5f
- $11 billion in gold: https://www.fiscal.treasury.gov/fsreports/rpt/goldRpt/current_report.htm
- Standard & Poor’s downgraded Uncle Sam’s AAA credit rating: http://money.cnn.com/2011/08/05/news/economy/downgrade_rumors/index.htm
- very few countries with a debt ceiling: https://www.investmentfrontier.com/2013/10/08/7-countries-with-debt-ceilings-or-limits
- The Conversation: http://theconversation.com
- original article: http://theconversation.com/whats-the-deal-with-the-debt-ceiling-5-questions-answered-79637
Source URL: https://source.colostate.edu/whats-deal-debt-ceiling-5-questions-answered/
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