March 16, 2017
With the close of business today, the period in which Congress suspended any legal limit on the federal debt expires and as of tomorrow the limit on the federal debt will be set at whatever the level of debt happens to be.
Since President Barack Obama signed the “Bipartisan Budget Act” on Nov. 2, 2015 there had been no legal limit on the amount of money the federal government could borrow until now. That law included a section entitled “Temporary Extension of Public Debt Limit.” It said that the law imposing a limit on the federal debt “shall not apply for the period beginning on the date of the enactment of this Act and ending on March 15, 2017.”
As of Nov. 2, 2015, the federal debt subject to the legal limit stood at $18,452,108,000,000. As of the close of business on Tuesday, the latest day reported, it stood at $19,865,505,000,000.
That means the federal debt increased by $1,414,397,000,000 during the approximately 16 and a half months that Congress removed any legal limit on it.
This article was posted: Thursday, March 16, 2017 at 7:29 am