[Historical Tables]
[Section 7 - Federal Debt]
[Table 7.3 - Statutory Limits on Federal Debt: 1940-Current]
[From the U.S. Government Publishing Office, www.gpo.gov]



 
                            Table 7.3--STATUTORY LIMITS ON FEDERAL DEBT: 1940-CURRENT                           
----------------------------------------------------------------------------------------------------------------
                                                                                                Dollar Amount of
       Date and Act                               History of Legislation                             Limit      
----------------------------------------------------------------------------------------------------------------
       June 25, 1940                                                                                            
54 Stat. 526..............  Amended sec. 21, adding new authority for issuance of $4 billion      49,000,000,000
                             National Defense Series obligations outstanding.                                   
                                                                                                                
     February 19, 1941                                                                                          
55 Stat. 7................  Amended sec. 21, eliminating authority for $4 billion of National     65,000,000,000
                             Defense Series obligations and increasing limitation to.                           
                                                                                                                
      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         275,000,000,000
                             current redemption value and decreasing limitation to.                             
                                                                                                                
      August 28, 1954                                                                                           
68 Stat. 895..............  Increasing sec. 21 limitation by $6 billion during period            281,000,000,000
                             beginning August 28, 1954, and ending June 30, 1955.                               
                                                                                                                
       June 30, 1955                                                                                            
69 Stat. 241..............  Amended act of August 28,1954, extending increase in limitation      281,000,000,000
                             until June 30, 1956.                                                               
                                                                                                                
       July 9, 1956                                                                                             
70 Stat. 519..............  Increased sec. 21 limitation by $3 billion during period             278,000,000,000
                             beginning July 1, 1956, and ending June 30, 1957.                                  
                            Temporary increase terminated July 1, 1957, and limitation           275,000,000,000
                             reverted to.                                                                       
                                                                                                                
     February 26, 1958                                                                                          
72 Stat. 27...............  Increased sec. 21 limitation by $5 billion during period             280,000,000,000
                             beginning February 26, 1958, and ending June 30, 1959.                             
                                                                                                                
     September 2, 1958                                                                                          
72 Stat. 1758.............  Amended sec. 21, increasing limitation to $283 billion, which        288,000,000,000
                             with temporary increase of February 26, 1958 made limitation.                      
                                                                                                                
       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             293,000,000,000
                             beginning July 1, 1960, and ending June 30, 1961.                                  
                                                                                                                
       June 30, 1961                                                                                            
75 Stat. 148..............  Increased sec. 21 limitation by $13 billion during period            298,000,000,000
                             beginning July 1, 1961, and ending June 30, 1962.                                  
                                                                                                                
      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             309,000,000,000
                             September 1, 1963, and ending November 30, 1963, to.                               
                                                                                                                
     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,    324,000,000,000
                             1964, and ending June 30, 1965, to.                                                
                                                                                                                
       June 24, 1965                                                                                            
79 Stat. 172..............  Increased sec. 21 limitation during the period beginning July 1,     328,000,000,000
                             1965, and ending June 30, 1966, to.                                                
                                                                                                                
       June 24, 1966                                                                                            
80 Stat. 221..............  Increased sec. 21 limitation during the period beginning July 1,     330,000,000,000
                             1966, and ending June 30, 1967, to.                                                
                                                                                                                
       March 2, 1967                                                                                            
81 Stat. 4................  Increased sec. 21 limitation during the period beginning March 2,    336,000,000,000
                             1967, and ending June 30, 1967, to.                                                
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[[Page 114]]


                      Table 7.3--STATUTORY LIMITS ON FEDERAL DEBT: 1940-CURRENT--Continued                      
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                                                                                                Dollar Amount of
       Date and Act                               History of Legislation                             Limit      
----------------------------------------------------------------------------------------------------------------
       June 30, 1967                                                                                            
81 Stat. 99...............  Sec. 21 amended to increase limitation on aggregate outstanding      358,000,000,000
                             at any time to.                                                                    
                            Sec. 21 amended also to increase the limitation temporarily,                        
                             beginning July 1, 1968, and each July 1 thereafter for the                         
                            period 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 period                          
                            beginning 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 period                          
                            beginning 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 period                          
                            beginning 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, and                         
                            ending 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       450,000,000,000
                             inserting in lieu thereof October 31, 1972.                                        
                                                                                                                
     October 27, 1972                                                                                           
86 Stat. 1324.............  Increased sec. 21 limitation during the period beginning November    465,000,000,000
                             1, 1972, and ending June 30, 1973.                                                 
                                                                                                                
       July 1, 1973                                                                                             
86 Stat. 1324.............  Amended act of October 27, 1972, striking out June 30, 1973, and     465,000,000,000
                             inserting in lieu thereof November 30, 1973.                                       
                                                                                                                
     December 3, 1973                                                                                           
87 Stat. 691..............  Increased sec. 21 limitation during the period beginning December    475,700,000,000
                             3, 1973, and ending June 30, 1974.                                                 
                                                                                                                
       June 30, 1974                                                                                            
88 Stat. 285..............  Increased sec. 21 limitation during the period beginning June 30,    495,000,000,000
                             1974, and ending March 31, 1975.                                                   
                                                                                                                
     February 19, 1975                                                                                          
89 Stat. 5................  Increased sec. 21 limitation during the period beginning February    577,000,000,000
                             19, 1975, and ending June 30, 1975.                                                
                                                                                                                
       June 30, 1975                                                                                            
89 Stat. 246..............  Increased sec. 21 limitation during the period beginning June 30,    577,000,000,000
                             1975, and ending November 15, 1975.                                                
                                                                                                                
     November 14, 1975                                                                                          
89 Stat. 693..............  Increased sec. 21 limitation during the period beginning November    595,000,000,000
                             14, 1975, and ending March 15, 1976.                                               
                                                                                                                
      March 15, 1976                                                                                            
90 Stat. 217..............  Increased sec. 21 limitation during the period beginning March       627,000,000,000
                             15, 1976, and ending June 30, 1976.                                                
                                                                                                                
       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        400,000,000,000
                             reverted to.                                                                       
                                                                                                                
      October 4, 1977                                                                                           
91 Stat. 1090.............  Increased sec. 21 limitation by $352 billion during the period       752,000,000,000
                             beginning October 4, 1977, and ending March 31, 1978.                              
                                                                                                                
      March 27, 1978                                                                                            
92 Stat. 185..............  Amended act of October 4, 1977, striking out March 31, 1978, and     752,000,000,000
                             inserting in lieu thereof July 31, 1978.                                           
                            Temporary increase terminated August 1, 1978, and limitation         400,000,000,000
                             reverted to.                                                                       
                                                                                                                
      August 3, 1978                                                                                            
92 Stat. 419..............  Increased sec. 21 limitation by $398 billion during the period       798,000,000,000
                             beginning August 3, 1978, and ending March 31, 1979.                               
                            Temporary increase terminated April 1, 1979, and limitation          400,000,000,000
                             reverted to.                                                                       
                                                                                                                
       April 2, 1979                                                                                            
93 Stat. 8................  Increased sec. 21 limitation by $430 billion during the period       830,000,000,000
                             beginning April 2, 1979, and ending September 30, 1979.                            
                                                                                                                
    September 29, 1979                                                                                          
93 Stat. 589..............  Increased sec. 21 limitation by $479 billion during the period       879,000,000,000
                             beginning September 29, 1979, and ending May 31, 1980.                             
                                                                                                                
       May 30, 1980                                                                                             
94 Stat. 421..............  Amended act of September 29, 1979, striking out May 31, 1980, and    879,000,000,000
                             inserting in lieu thereof June 5, 1980.                                            
                                                                                                                
       June 6, 1980                                                                                             
94 Stat. 439..............  Amended act of September 29, 1979, striking out June 5, 1980, and    879,000,000,000
                             inserting in lieu thereof June 30, 1980.                                           
                                                                                                                
       June 28, 1980                                                                                            
94 Stat. 598..............  Increased sec. 21 limitation by $525 billion during the period       925,000,000,000
                             beginning June 28, 1980, and ending February 28, 1981.                             
                                                                                                                
     December 19, 1980                                                                                          
94 Stat. 3261.............  Increased the total debt limit (composed of $400.0 billion of        935,100,000,000
                             permanent ceiling, $535.1 billion of temporary ceiling) to.                        
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[[Page 115]]


                      Table 7.3--STATUTORY LIMITS ON FEDERAL DEBT: 1940-CURRENT--Continued                      
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                                                                                                Dollar Amount of
       Date and Act                               History of Legislation                             Limit      
----------------------------------------------------------------------------------------------------------------
     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 debt                         
                            ceiling to.......................................................    985,000,000,000
                                                                                                                
    September 30, 1981                                                                                          
95 Stat. 955..............  Increased the temporary portion of the debt limit to $599.8          999,800,000,000
                             billion for one day--September 30, 1981.                                           
                                                                                                                
    September 30, 1981                                                                                          
95 Stat. 956..............  Increased the temporary portion of the debt limit to $679.8        1,079,800,000,000
                             billion through September 30, 1982.                                                
                                                                                                                
       June 28, 1982                                                                                            
96 Stat. 130..............  Increased the temporary portion of the debt limit to $743.1        1,143,100,000,000
                             billion through September 30, 1982.                                                
                                                                                                                
    September 30, 1982                                                                                          
96 Stat. 1156.............  Increased the temporary portion of the debt limit to $890.2        1,290,200,000,000
                             billion through September 30, 1983.                                                
                                                                                                                
       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    2,352,000,000,000
                             to.                                                                                
                                                                                                                
    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    4,370,000,000,000
                             to.                                                                                
                                                                                                                
      August 10, 1993                                                                                           
107 Stat. 312.............  Increased the debt limit to......................................  4,900,000,000,000
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[[Page 116]]


                      Table 7.3--STATUTORY LIMITS ON FEDERAL DEBT: 1940-CURRENT--Continued                      
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                                                                                                Dollar Amount of
       Date and Act                               History of Legislation                             Limit      
----------------------------------------------------------------------------------------------------------------
     February 8, 1996                                                                                           
110 Stat. 55..............  Temporarily exempted from limit obligations in an amount equal to                   
                             the monthly insurance benefits payable under Title II of                           
                            the 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                     
                             of                                                                                 
                            the 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
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