the last time the debt ceiling was raised was on october 30, 2015.
the last time the debt ceiling was raised was on october 30, 2015.
when was the last time the debt ceiling was raised?
october 30 , 2015
the history of united states debt ceiling deals with movements in the united states debt ceiling since it was created in 1917. management of the united states public debt is an important part of the macroeconomics of the united states economy and finance system, and the debt ceiling is a limitation on the federal government's ability to manage the economy and finance system. the debt ceiling is also a limitation on the federal government's ability to finance government operations, and the failure of congress to authorise an increase in the debt ceiling has resulted in crises, especially in recent years. the debt ceiling has been suspended since october 30, 2015.
history of united states debt ceiling
following the increase in the debt ceiling to $16.394 trillion in 2011, the united states again reached the debt ceiling on december 31, 2012 and the treasury began taking extraordinary measures. the fiscal cliff was resolved with the passage of the american taxpayer relief act of 2012 (atra), but no action was taken on the debt ceiling. with the atra tax cuts, the government indicated that the debt ceiling needed to raise by $700 billion for it to continue financing operations for the rest of the 2013 fiscal year and that extraordinary measures were expected to be exhausted by february 15. treasury has said it is not set up to prioritize payments, and it's not clear that it would be legal to do so. given this situation, treasury would simply delay payments if funds could not be raised through extraordinary measures and the debt ceiling had not been raised. this would put a freeze on 7% of the nation's gdp, a contraction greater than the great recession. the economic damage would worsen as recipients of social security benefits, government contracts, and other government payments cut back on spending in response to having the freeze in their revenue.
history of united states debt ceiling