Number: RS21519
Title: Legislative Procedures for Adjusting the Public Debt Limit: A Brief Overview
Authors: Bill Heniff, Jr., Government and Finance Division 
Abstract: The annual budget resolution includes recommended levels of the public debt limit for each fiscal year covered by the resolution. Because a budget resolution does not become law, Congress and the President must enact legislation in order to implement budget resolution policies. The House and Senate may develop and consider legislation adjusting the debt limit in any one of three ways: (1) under regular legislative procedures in both chambers, either as freestanding legislation or as a part of a measure dealing with other topics; (2) pursuant to House Rule XXVII (the so-called Gephardt rule); or (3) as part of the budget reconciliation process provided for under the Congressional Budget Act of 1974. During the period from 1940 to the present, Congress and the President have enacted a total of 88 measures adjusting the public debt limit - 70 under regular legislative procedures in both chambers, 14 under the Gephardt rule, and 4 under reconciliation procedures. The current debt limit is $11.315 trillion.
Pages: 6
Date: November 24, 2008