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The history of the 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.
We hope you'll enjoy the following interactive series of charts on the U.S. debt ceiling from 1917 to the present day. For more information on the history of the debt ceiling, please click here.
The Republican majority in Congress demanded deficit reduction as part of raising the debt ceiling. The resulting contention was resolved on August 2, 2011, by the Budget Control Act of 2011. Under the "McConnell Rule," the president was allowed to unilaterally raise the debt ceiling.
The upper graph shows the U.S. public debt in trillions of dollars while the lower graph shows the U.S. public debt as a percentage of GDP. (Data are from the 2009 U.S. Budget.) The President proposes a national budget to Congress, which has final say over the document but rarely appropriates more than what the President requests.
The nation’s debt ceiling was reinstated Thursday, ... GOP leaders in the House last month floated an idea to raise the debt limit by $1.5 trillion in 2025 as part of a first reconciliation ...
No topic has been hotter in mid-May 2023 than the debt ceiling, even though many people don't fully understand what it is. In a nutshell, the debt ceiling is a line in the sand regarding the amount...
President Obama and members of the Democratic Party proposed raising the debt ceiling, with some advocating for its complete dismissal. Members of the Republican Party staunchly opposed raising the debt ceiling unless spending cuts would parallel the bill, including defunding the Affordable Care Act. [1]
Since first setting a debt limit of $45bn in 1939, the debt ceiling has been raised 103 times. The last time the debt ceiling was reached, in January 2023, the figure stood at $31.4 trillion.