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1 1 (January 11, 2018)

handle is hein.crs/crseveryaaapp0001 and id is 1 raw text is: Congressional ____ ~ Research Service , Informing the leg Isative debate since 19t4 Extraordinary Measures and the Debt Limit name redated Analyst in Public Finance name redated Research Assistant January 11, 2018 The statutory debt limit was reinstated on December 9, 2017, at a level that precisely accommodated the federal borrowing undertaken to that date. On December 11 and 12, 2017, Secretary Mnuchin announced that the Treasury would implement extraordinary measures that delay when the debt limit will bind. Additionally, on December 8, 2017, the Bureau of the Fiscal Service suspended sales of certain Treasury securities to extend the Treasury's ability to meet statutory spending requirements without defaulting on its debt obligations. This Insight briefly examines the debt limit and the use of extraordinary measures, and will be updated periodically to reflect changes in the status of federal borrowing. What Is the Debt Limit? As part of its power of the purse, Congress uses the statutory debt limit (codified in 31 U.S.C. §3 101) as a means of restricting federal debt. Debt subject to the limit is more than 99% of total federal debt, and includes debt held by the public (which is used to finance budget deficits) and debt issued to federal government accounts (which is used to meet federal obligations). The debt limit acts as a congressional check on recent revenue and expenditure trends, though decisions affecting debt levels may have been agreed to by Congress and the Administration well in advance of debt limit deliberations. Some past debt limit legislation has linked debt limit increases with other fiscal policy proposals. What Are Extraordinary Measures? Extraordinary measures represent a series of actions that postpone when Congress must act on debt limit legislation. The authority for using extraordinary measures rests with the Treasury Secretary (codified in 5 U.S.C. §8348 and 5 U.S.C. §8909). Invoking extraordinary measures has delayed required action on the Congressional Research Service 7-.... www.crs.gov IN10837 CRS INSIGHT Prepared for Members and Committees of Conaress

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