Federal Debt & The Statutory Limit, February 2023

In February 2023, the Congressional Budget Office published a document stating that the Treasury has reached the current debt limit of $31.4 trillion, so it has no room to borrow under its standard operating procedures, other than to replace maturing debt. To avoid breaching the limit, the Treasury has begun using the extraordinary measures (described in the document) that allow it to continue to borrow additional amounts for a limited time . . .