Understanding Debt Limit | U.S. Dept. of the Treasury

The debt limit is the total amount of money that the United States government is authorized to borrow to meet its existing legal obligations, including Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and other payments.

The debt limit is the total amount of money that the United States government is authorized to borrow to meet its existing legal obligations, including Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and other payments. The debt limit does not authorize new spending commitments. It simply allows the government to finance existing legal obligations that Congresses and presidents of both parties have made in the past.   Failing to increase the debt limit would have catastrophic economic consequences. It would cause the government to default on its legal obligations – an unprecedented event in American history. That would precipitate another financial crisis and threaten the jobs and savings of everyday Americans – putting the United States right back in a deep economic hole, just as the country is recovering from the recent recession.   Congress has always acted when called upon to raise the debt limit. Since 1960, Congress has acted 78 separate times to permanently raise, temporarily extend, or revise the definition of the debt limit – 49 times under Republican presidents and 29 times under Democratic presidents. Congressional leaders in both parties have recognized that this is necessary.

• Report to Congress on Fund Operations and Status of the CSRDF/PSRHBF under the DISP ending February 9, 2018 (7/27/2018)

• Report to Congress on the Operation and Status of the G Fund (March 14, 2018)

• Report to Congress on Fund Operations and Status of the CSRDF/PSRHBF under the DISP ending September 8, 2017 (1/24/2018)

• Secretary Mnuchin Sends Debt Limit Letter to Congress (1/30/2018)

• FAQs on the Civil Service Retirement and Disability Fund (12/15/2017)

• FAQs on the Government Securities Investment Fund (12/15/2017)

• Description of Extraordinary Measures (12/12/2017)

• Secretary Mnuchin Sends Debt Limit Letter to Congress (12/12/2017)

• Secretary Mnuchin Sends Debt Limit Letter to Congress (12/11/2017)

• Secretary Mnuchin Sends Debt Limit Letter to Congress (12/6/2017)

• Report to Congress on the Operation and Status of the G Fund (October 4, 2017)

• Secretary Mnuchin sends debt limit letter to Congress (July 28, 2017)

• Secretary Mnuchin Sends Debt Limit Letter to Congress (3/16/2017)

• Description of the Extraordinary Measures (3/16/2017)

• FAQs on the Government Securities Investment Fund (3/16/2017)

• FAQs on the Civil Service Retirement and Disability Fund (3/16/2017)

• Secretary Mnuchin Sends Debt Limit Letter to Congress (3/08/2017)

• Report to Congress on Fund Operations and Status of the CSRDF/PSRHBF under the DISP ending November 2, 2015 (1/29/2016)

• Report to Congress on the Operation and Status of the G Fund (12/08/2015)

• Sales of State and Local Government Series (SLGS) Securities Resume (11/2/2015)

• Statement of Secretary Lew (10/30/2015)

• Secretary Lew Sends Debt Limit Letter to Congress (10/30/15)​

• Daily Debt Subject to the Limit Report (10/30/2015)

• Daily Debt Subject to the Limit Report (10/23/2015)​

• Daily Debt Subject to the Limit Report (10/16/2015)

• Secretary Lew Sends Debt Limit Letter to Congress (10/15/2015)​

• Daily Debt Subject to the Limit Report​​

• Secretary Lew Sends Debt Limit Letter to Congress (10/01/2015)​​

• Secretary Lew Sends Debt Limit Letter to Congress (09/10/2015)​

• Secretary Lew Sends Debt Limit Letter to Congress (07/30/2015)

• Secretary Lew Sends Debt Limit Letter to Congress (07/29/2015)​

• Secretary Lew Sends Debt Limit Letter to Congress (03/17/2015)​

• FAQ: Government Securities Investment Fund (G Fund) (03/17/215)

• Secretary Lew Sends Debt Limit Letter to Congress (03/16/2015)

• FAQ: Civil Service Retirement and Disability Fund (CSRDF) and Postal Service Retiree Health Benefit Fund (PSRHBF) (03/16/2015)​

• Secretary Lew Sends Debt Limit Letter to Congress (03/13/2015)​

• Secretary Lew Sends Debt Limit Letter to Congress (3/06/2015)​

• Report to Congress on the Operation and Status of the G Fund (3/20/2014)

• Sales of State and Local Government Series (SLGS) Securities Resume (2/18/2014)​

• Statement of Secretary Lew (2/12/2014)​

• Secretary Lew Sends Debt Limit Letter to Congress (2/10/2014)

• Secretary Lew Sends Debt Limit Letter to Congress (2/07/2014)​

• Press Release: Treasury Suspends Sales of State and Local Government Series Securities (2/04/2014)​

• Remarks of Secretary Lew at the Bipartisan Policy Center (2/03/2014)​

• Report to Congress on Fund Operations and Status of the CSRDF/PSRHBF under the DISP ending October 17, 2013 (1/30/2014)

• Secretary Lew Sends Debt Limit Letter to Congress (1/22/2014)​

• Secretary Lew Sends Debt Limit Letter to Congress (12/19/2013)

• Report to Congress on the Operation and Status of the G Fund (11/15/2013)​

• Lew In The News: Secretary on Meet The Press and in the International New York Times (10/21/2013)​

• Secretary Lew Op-Ed: Lessons From a Crisis (10/20/2013)

• Sales of State and Local Government Series (SLGS) Securities Resume (10/17/2013)​

• Statement of Secretary Lew (10/16/2013)​

• Secretary Lew Testifies before the Senate Finance Committee on the Debt Limit (10/10/2013)

• Secretary Lew Sends Debt Limit Letter to Congress (10/4/2013)​

• Secretary Lew Op-Ed: U.S. Failure to Pay Bills Hurts Everyone (10/3/2013)​

• Potential Macroeconomic Impact of Debt Ceiling Brinksmanship

• Secretary Lew Sends Debt Limit Letter to Congress (10/01/2013)

• Secretary Lew Sends Debt Limit Letter to Congress (9/25/2013)​

• Secretary Lew Warns Of Dangers Of Debt Limit Delay In Speech To The Economic Club (9/18/2013)​​

• Secretary Lew Remarks to the Economic Club of Washington, D.C. (9/17/2013)

• In Case You Missed It: Secretary Lew Talks Debt Limit on CNBC (8/28/2013)

• Secretary Lew Sends Debt Limit Letter to Congress (8/26/2013)​

• Secretary Lew Remarks to the Commonwealth Club of California (8/22/13)​

• Secretary Lew Sends Debt Limit Letter to Congress (8/2/2013)​

• Report to Congress on Fund Operations and Status of the CSRDF/PSRHBF under the DISP ending February 4, 2013 (7/26/2013)​

• Secretary Lew Sends Debt Limit Letter to Congress (5/31/2013)

• Secretary Lew Sends Debt Limit Letter to Congress (5/20/2013)

• Secretary Lew Sends Debt Limit Letter to Congress (5/17/2013)

• Press Release: Treasury Suspends Sales of State and Local Government Series Securities (5/15/2013)

• Secretary Geithner Sends Debt Limit Letter to Congress (1/15/2013)

• Secretary Geithner Sends Debt Limit Letter to Congress (1/14/2013)

• Secretary Geithner Sends Debt Limit Letter to Congress (12/31/2012)

• Secretary Geithner Sends Debt Limit Letter to Congress (12/26/2012)

• Debt Limit: Myth v. Fact (5/2011)

• Assistant Secretary Richard Gregg Sends Debt Limit Letter to Congress (1/27/2012)

• Secretary Geithner Sends Debt Limit Letter to Congress (1/17/2012)

• Report to Congress on the Operation and Status of the G Fund (8/24/2011)

• Geithner Op-Ed: 'Compromise Achieved, Reform's the Next Chapter' (8/2/2011)

• Update: As Previously Announced, Treasury to Employ Final Extraordinary Measure to Extend U.S. Borrowing Authority Until August 2 (7/15/2011)

• Statement of Treasury Under Secretary for Domestic Finance Jeffrey Goldstein on S&P'S Announcement Today (7/14/2011)

• Geithner: "We don't have much time; it's time we move." (7/14/2011)

• Statement of Treasury Under Secretary for Domestic Finance Jeffrey A. Goldstein on Moody's Announcement Today (7/13/2011)

• Treasury: No Change to August 2 Estimate Regarding Exhaustion of U.S. Borrowing Authority (7/1/2011)

• Secretary Geithner Sends Debt Limit Letter to Senator Johnson (6/29/2011)

• Debt Limit in Focus: A Question to the President and Two Treasury Letters to the Hill (6/29/2011)

• Secretary Geithner Sends Debt Limit Letter to Senator DeMint (6/28/2011)

• Treasury: U.S. Still Projected to Exhaust Borrowing Authority on August 2nd (6/1/2011)

• As US Reaches Debt Limit, Geithner Implements Additional Extraordinary Measures to Allow Continued Funding of Government Obligations (5/16/2011)

• Secretary Geithner Sends Debt Limit Letter to Senator Bennet (5/13/2011)

• Federal Asset Sales Cannot Avoid Need for Increase in Debt Limit by Mary J. Miller (5/6/2011)

• Secretary Geithner Sends Debt Limit Letter to Congress (5/2/2011)

• Secretary Geithner Sends Debt Limit Letter to Congress (4/4/2011)

• STATEMENT: Treasury Issues Updated Debt Limit Projections (3/1/2011)

• Secretary Geithner Sends Debt Limit Letter to Senator Toomey (2/3/2011)

• Treasury: Proposals to "Prioritize" Payments on U.S. Debt Not Workable; Would Not Prevent Default by Neal Wolin (1/21/2011)

• Secretary Geithner Sends Debt Limit Letter to Congress (1/6/2011)