    [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]

    [[Page 113]]

                                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.
    ----------------------------------------------------------------------------------------------------------------

    [[Page 114]]

                          Table 7.3--STATUTORY LIMITS ON FEDERAL DEBT: 1940-CURRENT--Continued
    ----------------------------------------------------------------------------------------------------------------
                                                                                                    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.
    ----------------------------------------------------------------------------------------------------------------

    [[Page 115]]

                          Table 7.3--STATUTORY LIMITS ON FEDERAL DEBT: 1940-CURRENT--Continued
    ----------------------------------------------------------------------------------------------------------------
                                                                                                    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
    ----------------------------------------------------------------------------------------------------------------

    [[Page 116]]

                          Table 7.3--STATUTORY LIMITS ON FEDERAL DEBT: 1940-CURRENT--Continued
    ----------------------------------------------------------------------------------------------------------------
                                                                                                    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
    ----------------------------------------------------------------------------------------------------------------