[Historical Tables]
[Section 7 - Federal Debt]
[Table 7.3 - Statutory Limits on Federal Debt: 1940-Current]
[From the U.S. Government Printing Office, www.gpo.gov]
[[Page 105]]
Table 7.3--STATUTORY LIMITS ON FEDERAL DEBT: 1940-CURRENT
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Dollar Amount of
Date and Act History of Legislation Limit
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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.
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Table 7.3--STATUTORY LIMITS ON FEDERAL DEBT: 1940-CURRENT--Continued
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Dollar Amount of
Date and Act History of Legislation Limit
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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.
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Table 7.3--STATUTORY LIMITS ON FEDERAL DEBT: 1940-CURRENT--Continued
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Dollar Amount of
Date and Act History of Legislation Limit
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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
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Table 7.3--STATUTORY LIMITS ON FEDERAL DEBT: 1940-CURRENT--Continued
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Dollar Amount of
Date and Act History of Legislation Limit
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February 9, 1996
104 Stat. 55.............. Temporarily exempted from limit an amount equal to the 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.
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