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FGMSD-79-58 1 (1979-09-07)

handle is hein.gao/gaobaazrh0001 and id is 1 raw text is: REPORT BY THE 1'-6 373 Comptroller General OF THE UNITED STATES RESTRICTED Avot ,o re~eaed out;e the Ceneral A New ApproC To The PUbfld Debt Legislation Should Be Considered RESTRICTED - Not to be released outside the General Accoountig Offce exc-g oil tho basis of specific apprval by the Office of Congrassonaa Relations. Twice in the last 2 years, the Congress did not pass legislation extending a temporary increase of the public debt limit until after it expired. Although the delays lasted for relatively short periods, they resulted in un- necessary costs, such as increased interest expense, and disruption of government borrowing programs. Yet another delay--longer than those in the past--when the current temporary ceiling expires could produce consequences much more serious. The Federal Govern- ment would be forced to default on most of its obliga- tions in a short time, including maturing securities and employees' salaries. The Treasury has proposed a way to avoid many of these problems by tying the debt limit to the new congres- sional budget process. The proposal has merit, and GAO recommends that the Congress develop such an ap- proach. The Chairman, House Ways and Means Committee asked GAO to make this study of the impact of the delays on the management of Federal funds and programs. He asked that we consider particularly the cost increases from emergency cash management actions and adverse effects on the savings bond program and the government securities market. ,\?~t'D ST 4 , 10373 110373 F GMSD-79-58 SEPTEMBER 7, 1979

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