1、 https:/crsreports.congress.gov Updated March 17, 2021The Debt LimitOverview The debt limit places a statutory constraint on the amount of money that Treasury may borrow to fund federal operations. The debt limit is currently suspended, and scheduled for reinstatement on August 1, 2021, at a level p
2、recisely accommodating federal borrowing at that point. Congress may debate the merits of various debt limit modifications in advance of that date or later if Treasury implements “extraordinary measures” to prevent a binding debt limit after reinstatement. This In Focus provides background informati
3、on and discusses recent legislative activity. More information on the debt limit can be found in CRS Report R41633, Reaching the Debt Limit: Background and Potential Effects on Government Operations, by D. Andrew Austin et al.; CRS Report R43389, The Debt Limit Since 2011, by D. Andrew Austin; and C
4、RS Report R44383, Deficits, Debt, and the Economy: An Introduction, by Grant A. Driessen. Rationale and Role of the Debt Limit The Constitution grants Congress the “power of the purse,” which allows Congress to restrict the amount of federal debt. Under current law Congress exercises this power thro
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