Feds Hit Debt Limit—Again; Debt Now Exceeds Limit Set in 2008 by $8,550,505,000,000 | WHAT REALLY HAPPENED


Feds Hit Debt Limit—Again; Debt Now Exceeds Limit Set in 2008 by $8,550,505,000,000

When the debt hits the limit and Congress and the president do not immediately enact new legislation to increase it or suspend it, the Treasury typically engages in what it calls “extraordinary measures” to keep the debt at a constant level just below the debt ceiling.

In 2015, for example, as reported on the Daily Treasury Statements, the Treasury froze the debt at $18,112,975,000,000 for 235 days--from March 13, 2015 until the Bipartisan Budget Act suspended the debt limit on Nov. 2, 2015.

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