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AIMD-96-38R 1 (1996-01-26)

handle is hein.gao/gaobaclbd0001 and id is 1 raw text is: - -7 United States General Accounting Office Washington, D.C. 20548 Accounting and Information Management Division B.270619 January 26, 1996 The Honorable Daniel Patrick Moynihan United States Senate Dear Senator Moynihan: This letter responds to your January 16, 1996, request for information on past debt ceiling limitations and actions that the Department of the Treasury has taken to avoid defaulting on government obligations. As discussed with your staff, this report provides information on major actions related to trust funds from September 30, 1984, through January 23, 1996. The enclosure to this letter lists those actions. BACKGROUND On November 15, 1995, Treasury reached the current debt ceiling of $4.9 trillion. Although most of this debt is held by the public, about one fourth of it was issued to federal trust funds. On various occasions over the years, normal government financing has been disrupted because Treasury had borrowed up to or near the debt ceiling and legislation to increase the debt ceiling had not yet been enacted. As noted in a September 1979 GAO report,' debt ceiling increases are periodically needed to simply allow the financing of budget deficits that have already been approved. The Secretary of the Treasury has several responsibilities relating to the federal government's financial management operations. These include paying the government's obligations and investing trust fund receipts not needed for current benefits and expenses. The Congress has generally provided the 1A New ADproach to the Public Debt Legislation Should Be Considered (FGMSD-79-58, September 7, 1979). GAO/AIMD-96-38R Debt Ceiling Limitations and Treasury Actions

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