Debt Limit History - GovBudget.com

Technical Note: Since 1982, when “Money and Finance” laws were recodified in a new Title 31, the debt limit has been changed or suspended by amending 31 U.S.C. §3101(b). Prior to 1982, a change in the statutory limit was accomplished by amending the first sentence of section 21 of the Second Liberty Bond Act (previously codified at 31 U.S.C. 757b). The following debt limit amounts have been verified by statutory inspection and double-checked against OMB data available at: Budget of the United States Government, Fiscal Year 2023, Historical Tables, Table 7.3.

Date	Pub. Law No. (hyperlinked) *(reconciliation bills)**[major budget laws]	Total Statutory Debt Limit (w/ effective dates or expiration dates where applicable) ($ in billions)	Temporary Suspension of Debt Limit Until [Date]
06/03/2023	P.L. 118-5, §401	(new level will be set 01/02/2025)	01/01/2025
12/16/2021	P.L. 117-73	$31,381.5	n/a
10/14/2021	P.L. 117-50, §1	$28,881.5	n/a
08/02/2019	P.L. 116-37, §301 [BBA-19^[1]]	$28,401.5 effective on 08/01/2021	07/31/2021
02/09/2018	P.L. 115-123, §30301 [BBA-18^[2]]	$21,987.7 effective on 03/01/2019	03/01/2019
09/08/2017	P.L. 115-56, §101	$20,456.0 effective on 12/09/2017	12/08/2017
11/02/2015	P.L. 114-74, §901 [BBA-15^[3]]	$19,808.8 effective on 03/16/2017	03/15/2017
02/15/2014	P.L. 113-83, §2	$18,113.0 effective 03/16/2015	03/15/2015
10/17/2013	P.L. 113-46, §1002	$17,211.6 effective on 02/08/2014	02/07/2014
02/4/2013	P.L. 113-3, §2	$16,699.4 effective on 05/19/2013	05/18/2013
08/2/2011	P.L. 112-25, §301^[4] [Budget Control Act^[5]]	$16,394 effective on 01/27/2012 $15,194 effective on 09/21/2011 $14,694 effective on 08/02/2011	n/a
02/12/2010	P.L. 111-139 [Statutory PAYGO^[6]]	$14,294	n/a
12/28/2009	P.L. 111-123	$12,394	n/a
02/17/2009	P.L. 111-5, §1604	$12,104	n/a
10/03/2008	P.L. 110-343, §122	$11,315	n/a
07/30/2008	P.L. 110-289, §3083	$10,615	n/a
09/29/2007	P.L. 110-91	$9,815	n/a
03/20/2006	P.L. 109-182	$8,965	n/a
11/19/2004	P.L. 108-415	$8,184	n/a
05/27/2003	P.L. 108-24	$7,384	n/a
06/28/2002	P.L. 107-199	$6,400	n/a
08/05/1997	P.L. 105-33, §5701* [BEA 1997^[7]]	$5,950	n/a
03/29/1996	P.L. 104-121	$5,500	n/a
08/10/1993	P.L. 103-66, §13411* [OBRA 1993^[8]]	$4,900^[9]	n/a
04/06/1993	P.L. 103-12	$4,370 through 09/30/1993	n/a
11/05/1990	P.L. 101-508, §11901* [BEA and FCRA^[10]]	$4,145	n/a
10/28/1990	P.L. 101-467, §106	$3,230 through 11/05/1990	n/a
10/25/1990	P.L. 101-461, §114	$3,195 through 10/27/1990	n/a
10/19/1990	P.L. 101-444, §114	$3,195 through 10/24/1990	n/a
10/09/1990	P.L. 101-412, §114	$3,195 through 10/19/1990	n/a
10/02/1990	P.L. 101-405, §1	$3,195 through 10/06/1990	n/a
08/09/1990	P.L. 101-350, §1	$3,195 through 10/02/1990	n/a
11/08/1989	P.L. 101-140, §1	$3,122.7	n/a
08/07/1989	P.L. 101-72, §1	$2,870 through 10/31/1989	n/a
09/29/1987	P.L. 100-119 [1987 Reaffirmation Act^[11]]	$2,800	n/a
08/10/1987	P.L. 100-84	$2,352 through 09/23/1987	n/a
07/30/1987	P.L. 100-80	$2,320 through 08/06/1987	n/a
05/15/1987	P.L. 100-40, §1(a)	$2,320 through 07/17/1987	n/a
10/21/1986	P.L. 99-509, §8201* [OBRA 1986]	$2,300 through 05/15/1987	n/a
08/21/1986	P.L. 99-384	$2,111	n/a
12/12/1985	P.L. 99-177, §1 [1985 Deficit Control Act^[12]]	$2,078.7	n/a
11/14/1985	P.L. 99-155, §1	$1,903.8 through 12/06/1985	n/a
10/13/1984	P.L. 98-475	$1,823.8	n/a
07/06/1984	P.L. 98-342, §1	$1,573	n/a
05/25/1984	P.L. 98-302, §1	$1,520	n/a
11/21/1983	P.L. 98-161	$1,490	n/a
05/26/1983	P.L. 98-34 ^[13]	$1,389	n/a
Prior to 1983, the debt limit was divided between a permanent portion ($400b back to 1971), and a temporary portion that was the object of legislative increases. This table shows the total of both portions for analytical purposes.
09/30/1982	P.L. 97-270	$1,290.2 through 09/30/1983	n/a
09/13/1982	P.L. 97-258	See footnote on codification of debt limit.^[14]	n/a
06/28/1982	P.L. 97-204	$1,143.1 through 09/30/1982	n/a
09/30/1981	P.L. 97-49	$1,079.8 through 09/30/1982	n/a
09/30/1981	P.L. 97-48	$999.8 through 09/30/1981^[15]	n/a
02/07/1981	P.L. 97-2	$985.0 through 09/30/1985	n/a
12/19/1980	P.L. 96-556	$935.1	n/a
06/28/1980	P.L. 96-286	$925.0 through 02/28/1981	n/a
06/06/1980	P.L. 96-264	$879.0 through 06/30/1980	n/a
05/30/1980	P.L. 96-256	$879.0 through 06/05/1980	n/a
09/29/1979	P.L. 96-78 [House Gephardt Rule[16]]	$879 through 05/31/1980	n/a
04/02/1979	P.L. 96-5	$830 through 09/30/1979	n/a
04/01/1979	Temporary increase terminated 04/01/1979 and limitation reverted to the permanent limit of $400b.[17]
08/03/1978	P.L. 95-333	$798 through 03/31/1979	n/a
08/01/1978	Temporary increase terminated 08/01/1978 and limitation reverted to the permanent limit of $400b.[18]
10/01/1977	Temporary increase terminated 10/01/1977 and limitation reverted to the permanent limit of $400b.[19]
06/30/1976	P.L. 94-334	Increased in 3 stages: $700 for 04/01/1977 through 09/30/1977 $682 for 10/01/1976 through 03/31/1977 $636 for 07/01/1976 through 09/30/1976	n/a
03/15/1976	P.L. 94-232	$627 through 06/30/1976	n/a
11/14/1975	P.L. 94-132	$595 through 03/15/1976	n/a
06/30/1975	P.L. 94-47	$577 through 11/15/1975	n/a
02/19/1975	P.L. 94-3	$577 through 06/30/1975	n/a
06/30/1974	P.L. 93-325	$495 through 03/31/1975	n/a
12/03/1973	P.L. 93-173	$475.7 through 06/30/1974	n/a
07/01/1973	P.L. 93-53	$465 through 11/30/1973	n/a
10/27/1972	P.L. 92-599	$465 through 06/30/1973	n/a
07/01/1972	P.L. 92-336	$450 through 10/31/1972	n/a
03/15/1972	P.L. 92-250	$450 through 06/30/1972	n/a
03/17/1971	P.L. 92-5	$430 through 06/30/1972	n/a
06/30/1970	P.L. 91-301	$395 through 06/30/1971	n/a
04/07/1969	P.L. 91-8	$377 through 06/30/1970	n/a
07/01/1968	P.L. 90-39, §3^[20] (automatic increases)	$365 (superseded on 04/07/1969)	n/a
07/01/1967	P.L. 90-39, §1	$358	n/a
03/02/1967	P.L. 90-3	$336 through 06/30/1967	n/a
06/24/1966	P.L. 89-472	$330 through 06/30/1967	n/a
06/24/1965	P.L. 89-49	$328 through 06/30/1966	n/a
06/29/1964	P.L. 88-327	$324 through 06/30/1965	n/a
11/26/1963	P.L. 88-187	$309 through 06/30/1964 $315 for 12/1/1963 through 06/29/1964[21]	n/a
08/27/1963	P.L. 88-106	$309 for 09/1/1963 through 11/30/1963	n/a
05/29/1963	P.L. 88-30	$309 for 07/01/1963 through 08/31/1963 $307 for 05/29/1963 through 06/30/1963	n/a
07/01/1962	P.L. 87-512	$300 for 06/25/1963 through 06/30/1963 $305 for 04/01/1963 through 06/24/1963 $308 for 07/01/1962 through 03/31/1963	n/a
03/13/1962	P.L. 87-414	$300 for 03/13/1962 through 06/30/1962	n/a
06/30/1961	P.L. 87-69	$298 for 07/01/1961 through 06/30/1962	n/a
06/30/1960	P.L. 86-564	$293 for 07/01/1960 through 06/30/1961	n/a
06/30/1959	P.L. 86-74	$295 for 07/01/1959 through 06/30/1960	n/a
09/02/1958	P.L. 85-912	$288 through 06/30/1959[23]	n/a
02/26/1958	P.L. 85-336	$280 for 02/26/1958 through 06/30/1959	n/a
07/01/1957	n/a	$275 (temporary increase terminated 07/01/1957 and limit reverted to $275)	n/a
07/09/1956	70 Stat. 519	$278 for 07/01/1956 through 06/30/1957	n/a
06/30/1955	69 Stat. 241	$281 through 06/30/1956	n/a
08/28/1954	68 Stat. 895	$281 for 08/28/1954 through 06/30/1955	n/a
06/26/1946	60 Stat. 316	$275^[24]	n/a
04/03/1945	59 Stat. 47	$300[25]	n/a
06/09/1944	58 Stat. 272	$260	n/a
04/11/1943	57 Stat. 63	$210	n/a
03/28/1942	56 Stat. 189	$125	n/a
02/19/1941	55 Stat. 7[26]	$65	n/a
06/25/1940	54 Stat. 526	$49	n/a
07/20/1939	53 Stat. 1071	(amended §21 of the Second Liberty Bond Act to establish a unified debt limit)
05/26/1938	52 Stat. 447	$45	n/a
02/04/1935	49 Stat. 21 (added §21 to the Second Liberty Bond Act)	$20	n/a
08/24/1917	40 Stat. 288, Second Liberty Bond Act of 1917	Approx. $7.5 [27]	n/a
“Before 1917, Congress typically specified the interest rates, maturities, call options, and other aspects of debt issuances.” Congressional Research Service report, R45011 (Nov. 2021)

Additional resources:

[1] Bipartisan Budget Act of 2019 (BBA-19), Pub. L. No. 116-37, 133 Stat. 1049.

[2] Bipartisan Budget Act of 2018 (BBA-18), Pub. L. No. 115-123, 132 Stat. 64.

[3] Bipartisan Budget Act of 2015 (BBA-15), Pub. L. No. 114-74, 129 Stat. 584.

[4] Budget Control Act of 2011, Pub. L. No. 112-25, allowed contingent increases in the debt limit in three stages.

[5] Budget Control Act of 2011 (BCA), Pub. L. No. 112–25, 125 Stat. 240.

[6] Statutory Pay-As-You-Go Act of 2010 (Statutory PAYGO), Pub. L. No. 111-139, 124 Stat. 8.

[7] Budget Enforcement Act of 1997, Pub. L. No. 105-33, Title X, 111 Stat. 677.

[8] Omnibus Budget Reconciliation Act of 1993, Pub. L. No. 103-66, Title XIV, 107 Stat. 312, 683.

[9] P.L. 104-103 enacted 02/08/1996 temporarily exempted until 03/15/1996 debt issued to cover Social Security benefits; and P.L. 104-115 enacted on 03/12/1996 temporarily exempted until 03/30/1996 debt issued to cover Social Security and certain other trust funds.

[10] Budget Enforcement Act of 1990 (BEA) and the Federal Credit Reform Act of 1990 (FCRA), Pub. L. No. 101-508, Title XIII, 104 Stat. 1388 (1990).

[11] Balanced Budget and Emergency Deficit Control Reaffirmation Act of 1987, Pub. L. No. 100-119, 101 Stat. 754 (1987).

[12] Balanced Budget and Emergency Deficit Control Act of 1985 (“BBEDCA”), Pub. L. No. 99-177, 99 Stat. 1037 (1985).

[13] Eliminated the prior practice that divided the debt limit between permanent and temporary portions.

[14] This public law codified Title 31 of the U.S. Code reorganizing laws pertaining to “Money and Finance.” After this codification, the debt limit has been amended, or suspended, by referencing 31 U.S.C. §3101(b). Prior to this, the legal change in the limit was accomplished by amending the first sentence of section 21 of the Second Liberty Bond Act (31 U.S.C. 757b).

[15] Increased the temporary portion of the debt limit to $599.8 billion for one day — September 30, 1981.

[16] In addition to increasing the debt limit, P.L. 96-78 created the “Gephardt Rule” requiring that the House clerk, when the House adopts the budget resolution for a fiscal year, automatically engross and transmit to the Senate a joint resolution increasing the public debt limit as specified in the budget resolution. For a review of the operation of the rule and various amendments to the rule, see Cong. Rsch. Serv., RL31913, Debt Limit Legislation: The House “Gephardt Rule” (Feb. 13, 2019), https://crsreports.congress.gov/product/details?prodcode=RL31913.

[17] Budget of the United States Government, Fiscal Year 2023, Historical Tables, Table 7.3, https://www.whitehouse.gov/wp-content/uploads/2022/03/hist07z3_fy2023.xlsx.

[18] Ibid.

[19] Ibid.

[20] Pub. L. No. 90-39 also amended Sec. 21 of the Second Liberty Bond Act to increase the limitation automatically, 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. However, this provision was superseded by subsequent amendments to the debt limit.

[21] Required due to variations in the timing of revenue receipts.

[22] In this period, public law numbers were not in use; the statutes-at-large numbers are hyperlinked.

[23] Amended sec. 21, increasing limitation to $283 billion, which –with the temporary increase of February 26, 1958—made the total limit $288 billion.

[24] Amended sec. 21, defining the face amount of savings bonds to be the current redemption value and decreased the limitation to $275 billion.

[25] Amended sec. 21 of the Second Liberty Bond Act, including obligations guaranteed as to principal and interest by the United States and increased the limitation to $300 billion.

[26] Amended sec. 21, eliminating authority for $4 billion of National Defense Series obligations and increasing limitation to $65 billion.

[27] Second Liberty Bond Act of 1917, Pub. L. No. 43, Sept. 24, 1917, authorized the Secretary of the Treasury, with the approval of the President, to borrow on the credit of the United States “to meet expenditures authorized for the national security and defense and other public purposes authorized by law, not exceeding…$7,538,945,460,” https://uscode.house.gov/statviewer.htm?volume=40&page=288.