Key Debt Limit Developments

For a complete record of debt limit increases, link to our debt limit history page.

See also: Treasury Communications on Debt Limit; Status of Debt-to-the-Penny; Myth v. Fact

2023

02/15/2022: Congressional Budget Office projects “if the debt limit remains unchanged, the government’s ability
to borrow using extraordinary measures will be exhausted between July and September 2023.”
02/02/2023: Speaker McCarthy: “We will not pass a clean debt ceiling here without some form of spending reform. So there will never be a clean one.”
02/01/2023: President Biden and House Speaker McCarthy meet on debt ceiling.
01/27/2023: 24 GOP Senators send letter to President Biden vowing to oppose a debt ceiling increase “without structural reforms to address current and future fiscal realities….enforce the budget and spending rules on the books, and manage out-of-control government policies.”
01/24/2023: Secretary Yellen Sends Debt Limit Letter to Congress updating extraordinary measures.
01/19/2023: Secretary Yellen Sends Debt Limit Letter to Congress notifying lawmakers that extraordinary measures have begun to prevent the U.S. from defaulting on its obligations. Description of Extraordinary Measures. FAQs on the Civil Service Retirement and Disability Fund and Postal Service Retiree Health Benefits Fund.
01/13/2023: Secretary Yellen Sends Debt Limit Letter to Congress notifying lawmakers that debt is projected to reach the statutory limit on 01/19/2023 and that use of extraordinary measures to prevent the United States from
defaulting on its obligations.
01/12/2023: Balancing budget within a decade would cut spending 85% if defense, veterans, Social Security and Medicare are off the table
01/09/2023: Speaker’s deal to balance budget within a decade

2022

2021

2019

2018

2017

2016

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

2015

2014

2013

2012

2011

Source: U.S. Department of the Treasury