Increasing the statutory limit on the public debt.
Latest Action
Became Public Law No: 109-182.
Official Summary
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) Amends federal law to increase the statutory limit on the public debt from $8.184 trillion to $8.965 trillion.
GovScope Watchdog™
AI Government Intelligence™This bill amends federal law to increase the statutory limit on the public debt from $8.184 trillion to $8.965 trillion. The measure was introduced in the House during the 109th Congress and has since become Public Law No: 109-182 as of March 20, 2006. The increase allows the federal government to borrow additional funds beyond the previous limit.
The bill raises the legal ceiling on the national debt, enabling the government to incur more debt to meet its financial obligations.
- Increases the statutory limit on the public debt by approximately $781 billion.
- Amendment to existing federal law governing the debt ceiling.
- The bill has been enacted into law as of March 20, 2006.
The federal government benefits by having increased borrowing capacity to finance operations and obligations. Indirectly, citizens and entities reliant on government funding may be affected by the government's ability to meet its financial commitments.
Raising the debt ceiling may lead to increased federal borrowing, which could have implications for fiscal policy and long-term debt sustainability. The bill text does not provide details on offsetting measures or fiscal controls. No information is provided on how the increased debt limit will be managed or repaid.
The bill falls under the policy area of Economics and Public Finance and was passed by the House during the 109th Congress. Its status is 'passed' with the latest action indicating it became public law in March 2006. The measure relates to managing the federal government's borrowing authority.
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Increasing the debt ceiling may indirectly affect fiscal policy decisions, interest rates, and government borrowing costs. It could also influence economic confidence and credit ratings, although these effects are not detailed in the bill text.
The full bill text is not provided, limiting detailed analysis. Citizens may want to review subsequent fiscal policies or budgetary measures associated with this debt increase. Monitoring how the increased debt limit is managed over time could be important for understanding long-term fiscal impacts.
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