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      "title": "Debt Limit Policy Questions: What Are Extraordinary Measures?",
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      "id": 596266,
      "date": "2019-04-12",
      "retrieved": "2019-12-20T19:31:37.766785",
      "title": "\u201cExtraordinary Measures\u201d and the Debt Limit",
      "summary": "Following a period of suspension, the statutory debt limit was reinstated on March 2, 2019, at $21.988 trillion, precisely accommodating the federal borrowing undertaken up to that date. Following the debt limit\u2019s reinstatement Treasury Secretary Mnuchin began implementing \u201cextraordinary measures\u201d to delay a binding debt limit. Secretary Mnuchin had informed Congress of his intention to implement these measures in a February 21, 2019, letter to Congress. Extraordinary measures were last implemented from March 2017 through September 2017 and from December 2017 through February 2018, until passage of the Bipartisan Budget Act of 2018 (BBA 2018; P.L. 115-123, February 9, 2018) suspended the statutory debt limit through March 1, 2019. This Insight briefly examines the use of extraordinary measures and its subsequent effects on federal debt activity.\nWhat Is the Debt Limit?\nAs part of its \u201cpower of the purse,\u201d Congress uses the statutory debt limit (codified in 31 U.S.C. \u00a73101) as a means of restricting federal debt. Debt subject to the limit is more than 99% of total federal debt, and includes debt held by the public (which is used to finance budget deficits) and debt issued to federal government accounts (which is used to meet federal obligations). The debt limit acts as a congressional check on recent revenue and expenditure trends, though decisions affecting debt levels may have been agreed to by Congress and the Administration well in advance of debt limit deliberations. Some past debt limit legislation has linked debt limit increases with other fiscal policy proposals.\nWhat Are Extraordinary Measures? \nExtraordinary measures represent a series of actions that postpone when Congress must act on debt limit legislation. The authority for using extraordinary measures rests with the Treasury Secretary (codified in 5 U.S.C. \u00a78348 and 5 U.S.C. \u00a78909). Invoking extraordinary measures has delayed required action on the debt limit by periods ranging from a few weeks to several months, depending on when such measures were enacted (see the \u201cHow Long Do Extraordinary Measures Last?\u201d section). Accounts and members of the public that are affected by extraordinary measures must be compensated for the delay in payment that resulted from such actions when the debt limit is subsequently modified. \nBefore or during a period when extraordinary measures are implemented, Treasury typically provides a description of the extraordinary measures available and estimates of their effect on federal borrowing capacity (or how much \u201cheadroom\u201d they will add). The most recent description of such measures was provided by Treasury in March 2019. Table 1 provides a description of the currently available extraordinary measures and the amount of headroom added when those measures were implemented from March 2017 through September 2017 and from December 2017 through February 2018.\nTable 1. Use of Extraordinary Measures, 2017-2018\nMeasure\nHeadroom Added from March 2017-September 2017\nHeadroom Added from December 2017-February 2018\nHeadroom Available on March 5, 2019\n\nSuspension of reinvestment in Government Securities Investment Fund (G Fund) of the Federal Retirement System\n$225 billion\n$208 billion\n$230 billion\n\nSuspension of invested balance in Exchange Stabilization Fund\n$22 billion\n$22 billion\n$22 billion\n\nDeclaration of a Debt Issuance Suspension Period\n$87 billion one-time and $7.3 billion per month\n$12.7 billion one-time and $7.3 billion per month\n$86 billion one-time and $7.3 billion per month\n\nSuspension of State and Local Government Securities\n$0 (prevents further increases in debt by $3-$13 billion per month)\n$0 (prevents further increases in debt by $3-$13 billion per month)\n$0 (prevents further increases in debt by approximately $4 billion per month)\n\nSources: U.S. Department of the Treasury, \u201cDescription of the Extraordinary Measures,\u201d March 5, 2019, available at https://home.treasury.gov/system/files/136/Description-of-Extraordinary-Measures-03_05_19.pdf; U.S. Department of the Treasury, \u201cDescription of the Extraordinary Measures,\u201d December 12, 2017, available at https://www.treasury.gov/initiatives/Documents/Description-of-Extraordinary-Measures-2017_12_12_Final.pdf; \u201cDescription of Extraordinary Measures,\u201d March 16, 2017, available at https://www.treasury.gov/initiatives/Documents/Description_of_Extraordinary_Measures_2017_03_16.pdf.\nNotes: In a February 2019 report, the Congressional Budget Office estimated that an additional $4.7 billion of headroom is available through the Federal Financing Bank. This table only includes available measures reported by Treasury. \nHow Long Do Extraordinary Measures Last?\nShort-term fluctuations in federal debt levels provide for substantial uncertainty in how long extraordinary measures can last. Federal balances fluctuate on a day-to-day basis in response to a number of factors, including the timing of payments for Social Security, military benefits, and other programs; interest payments on debt obligations; and the timing of certain receipts. Prior to enactment of BBA 2018, CBO and Treasury projected that extraordinary measures would have been exhausted in March 2018.\nFigure 1 shows federal daily balances when extraordinary measures were implemented from December 2017 through February 2018. The reduced variation in daily balances starting in December 2017 reflects the implementation of extraordinary measures to exactly match outlays and receipts. The decline in the daily balance on February 9, 2018, reflects the compensation of intragovernmental creditors whose payments were delayed by the implementation of extraordinary measures. \nFigure 1. Changes in the Daily Federal Balances, October 3, 2017-February 15, 2018\n/\nSource: U.S. Department of the Treasury, Daily Treasury Statement (various). \nNote: Positive numbers indicate daily surpluses, while negative numbers indicate daily deficits.\nMonthly budget outcomes can also fluctuate with the timing of various activities. The federal government tends to record higher net budget surpluses in April (when many individual tax returns are filed) and September (as certain payments are due at the end of the fiscal year) while recording lower balances in other months. Figure 2 presents the average federal monthly account balances from the previous five fiscal years. The gray regions represent the amount to which average monthly receipts are equal to average monthly outlays. The red regions represent outlays greater than receipts (indicating an average monthly deficit), and the blue regions represent receipts greater than outlays (indicating an average monthly surplus). Figure 3 then shows how monthly fluctuations in federal receipts affect year-to-date annual federal balances over the FY2014-FY2018 period.\nFigure 2. Average Federal Monthly Account Balance, FY2014-FY2018\n/\nSource: U.S. Department of the Treasury, Monthly Treasury Statement (various). CRS calculations.\nFigure 3. Average Change in Year-to-Date Federal Budget by Month, FY2014-FY2018\n(In constant January 2019 dollars)\n/\nSource: U.S. Department of the Treasury, Monthly Treasury Statement (various). CRS calculations.",
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      "title": "Debt Limit Policy Questions: What Are Extraordinary Measures?",
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      "id": 578585,
      "date": "2018-02-21",
      "retrieved": "2018-10-08T21:04:10.605692",
      "title": "\u201cExtraordinary Measures\u201d and the Debt Limit",
      "summary": "Following a period of suspension, the statutory debt limit was reinstated on December 9, 2017, at a level that precisely accommodated the federal borrowing undertaken to that date. On December 11 and 12, 2017, Secretary Mnuchin announced that the Treasury would implement \u201cextraordinary measures\u201d that delay when the debt limit will bind. Additionally, the Bureau of the Fiscal Service suspended sales of certain Treasury securities to extend the Treasury\u2019s ability to meet statutory spending requirements without defaulting on its debt obligations. These measures were used until passage of the Bipartisan Budget Act of 2018 (BBA 2018; P.L. 115-123) on February 9, 2018, which suspended the statutory debt limit until March 1, 2019. This Insight briefly examines the debt limit and the use of extraordinary measures.\nWhat Is the Debt Limit?\nAs part of its \u201cpower of the purse,\u201d Congress uses the statutory debt limit (codified in 31 U.S.C. \u00a73101) as a means of restricting federal debt. Debt subject to the limit is more than 99% of total federal debt, and includes debt held by the public (which is used to finance budget deficits) and debt issued to federal government accounts (which is used to meet federal obligations). The debt limit acts as a congressional check on recent revenue and expenditure trends, though decisions affecting debt levels may have been agreed to by Congress and the Administration well in advance of debt limit deliberations. Some past debt limit legislation has linked debt limit increases with other fiscal policy proposals.\nWhat Are Extraordinary Measures? \nExtraordinary measures represent a series of actions that postpone when Congress must act on debt limit legislation. The authority for using extraordinary measures rests with the Treasury Secretary (codified in 5 U.S.C. \u00a78348 and 5 U.S.C. \u00a78909). Invoking extraordinary measures has delayed required action on the debt limit by periods ranging from a few weeks to several months, depending on when such measures were enacted (see the \u201cHow Long Do Extraordinary Measures Last?\u201d section). Accounts and members of the public that are affected by extraordinary measures must be compensated for the delay in payment that resulted from such actions when the debt limit is subsequently modified. \nOn December 12, 2017, the Treasury announced the extraordinary measures that are currently available. The Fiscal Service suspended issuance of State and Local Government Securities on December 8. A Debt Issuance Suspension Period was invoked on December 11, suspending new investments and redeeming certain existing investments of the Civil Service Retirement and Disability Fund and the Postal Service Retiree Health Benefits Fund. On December 12, the Treasury suspended daily reinvestment of securities held in the G Fund. BBA 2018 (P.L. 115-123) suspended the debt limit until March 1, 2019, and eliminated the need for implementation of extraordinary measures. Table 1 provides a description of the extraordinary measures used when those measures were implemented in 2017 and 2018.  \nTable 1. Use of Extraordinary Measures, 2017-2018\nMeasure\nHeadroom Added in 2017-2018\nHeadroom Added in March 2017\n\nSuspension of reinvestment in Government Securities Investment Fund (G Fund) of the Federal Retirement System\n$208 billion\n$225 billion\n\nSuspension of invested balance in Exchange Stabilization Fund\n$22 billion\n$23 billion\n\nDeclaration of a Debt Issuance Suspension Period\n$12.7 billion one-time and $7.3 billion per month\n$87 billion one-time and $7.3 billion per month\n\nSuspension of State and Local Government Securities\n$0 (prevents further increases in debt by $3-$13 billion per month)\n$0\n\nSource: U.S. Department of Treasury, \u201cDescription of the Extraordinary Measures,\u201d December 12, 2017, available at https://www.treasury.gov/initiatives/Documents/Description-of-Extraordinary-Measures-2017_12_12_Final.pdf; \u201cDescription of Extraordinary Measures,\u201d March 16, 2017, available at https://www.treasury.gov/initiatives/Documents/Description_of_Extraordinary_Measures_2017_03_16.pdf.\nNotes: In a January 2018 report, the Congressional Budget Office estimated that an additional $3.5 billion of headroom is available through the Federal Financing Bank. This table only includes available measures reported by the Treasury. \nHow Long Do Extraordinary Measures Last?\nShort-term fluctuations in federal debt levels provide for substantial uncertainty in how long extraordinary measures can last. Federal balances fluctuate on a day-to-day basis in response to a number of factors, including the timing of payments for Social Security, military benefits, and other programs; interest payments on debt obligations; and the timing of certain receipts. Prior to enactment of BBA 2018, CBO and the Treasury projected that extraordinary measures would be exhausted in March 2018.\nFigure 1 shows federal daily balances to date in FY2018. The reduced variation in daily balances starting in December 2017 reflects the implementation of extraordinary measures. The sharp increase in borrowing on February 9 reflects the compensation of creditors whose payments were delayed by the implementation of extraordinary measures. \nFigure 1. Daily Federal Balances, October 3, 2017-February 15, 2018\n/\nSource: U.S. Department of Treasury, Daily Treasury Statement (various). \nNotes: Positive numbers indicate daily surpluses, while negative numbers indicate daily deficits.\nMonthly budget outcomes can also fluctuate with the timing of various activities. The federal government tends to record higher net budget surpluses in April (when many individual tax returns are filed) and September (as certain payments are due at the end of the fiscal year) while recording lower balances in other months. Figure 2 presents the average federal monthly account balances from the previous five fiscal years. Data points outside the circle indicate months that have recorded average surpluses from FY2013 through FY2017; points inside the circle represent months that have recorded average deficits in those years.\nFigure 2.Average Federal Monthly Account Balance, FY2013-FY2017\n/\nSource: U.S. Department of Treasury, Monthly Treasury Statement (various), and Federal Reserve Bank of St. Louis Economic Research (FRED), Total Federal Outlays and Total Federal Receipts. CRS calculations.\nNotes: Data points outside the circle represent average monthly surpluses; points inside the circle represent average monthly deficits. Monthly figures are in nominal dollars.",
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      "id": 578020,
      "date": "2018-02-02",
      "retrieved": "2018-02-05T14:00:01.798188",
      "title": "\u201cExtraordinary Measures\u201d and the Debt Limit",
      "summary": "The statutory debt limit was reinstated on December 9, 2017, at a level that precisely accommodated the federal borrowing undertaken to that date.  On December 11 and 12, 2017, Secretary Mnuchin announced that the Treasury would implement \u201cextraordinary measures\u201d that delay when the debt limit will bind. Additionally, on December 8, 2017, the Bureau of the Fiscal Service suspended sales of certain Treasury securities to extend the Treasury\u2019s ability to meet statutory spending requirements without defaulting on its debt obligations. This Insight briefly examines the debt limit and the use of extraordinary measures, and will be updated periodically to reflect changes in the status of federal borrowing.\nWhat Is the Debt Limit?\nAs part of its \u201cpower of the purse,\u201d Congress uses the statutory debt limit (codified in 31 U.S.C. \u00a73101) as a means of restricting federal debt. Debt subject to the limit is more than 99% of total federal debt, and includes debt held by the public (which is used to finance budget deficits) and debt issued to federal government accounts (which is used to meet federal obligations). The debt limit acts as a congressional check on recent revenue and expenditure trends, though decisions affecting debt levels may have been agreed to by Congress and the Administration well in advance of debt limit deliberations. Some past debt limit legislation has linked debt limit increases with other fiscal policy proposals.\nWhat Are Extraordinary Measures? \nExtraordinary measures represent a series of actions that postpone when Congress must act on debt limit legislation. The authority for using extraordinary measures rests with the Treasury Secretary (codified in 5 U.S.C. \u00a78348 and 5 U.S.C. \u00a78909). Invoking extraordinary measures has delayed required action on the debt limit by periods ranging from a few weeks to several months, depending on when such measures were enacted (see the \u201cHow Long Do Extraordinary Measures Last?\u201d section). Accounts and members of the public that are affected by extraordinary measures must be compensated for the delay in payment that resulted from such actions when the debt limit is subsequently modified. \nOn December 12, 2017, the Treasury announced the extraordinary measures that are currently available. The Fiscal Service suspended issuance of State and Local Government Securities on December 8. A Debt Issuance Suspension Period was invoked on December 11, suspending new investments and redeeming certain existing investments of the Civil Service Retirement and Disability Fund and the Postal Service Retiree Health Benefits Fund. On December 12, the Treasury suspended daily reinvestment of securities held in the G Fund. Similarly, the Treasury may suspend daily reinvestment of Treasury securities held in the Exchange Stabilization Fund. \nTable 1 provides a description of the extraordinary measures used the last three times those measures were implemented. The Treasury estimates that the current implementation of extraordinary measures will provide $242.7 billion in headroom plus $7.3 billion every month that a Debt Issuance Suspension Period is declared. \nTable 1. Use of Extraordinary Measures, 2015-2018\nMeasure\nHeadroom Added in 2017-2018\nHeadroom Added in March 2017\nHeadroom Added in March 2015\n\nSuspension of reinvestment in Government Securities Investment Fund (G Fund) of the Federal Retirement System\n$208 billion\n$225 billion\n$195 billion\n\nSuspension of invested balance in Exchange Stabilization Fund\n$22 billion\n$23 billion\n$22 billion\n\nDeclaration of a Debt Issuance Suspension Period\n$12.7 billion one-time and $7.3 billion per month\n$87 billion one-time and $7.3 billion per month\n$65 billion one-time and $6.8 billion per month\n\nSuspension of State and Local Government Securities\n$0 (prevents further increases in debt by $3 - $13 billion per month)\n$0\n$0\n\nSource: U.S. Department of Treasury, \u201cDescription of the Extraordinary Measures,\u201d December 12, 2017, available at https://www.treasury.gov/initiatives/Documents/Description-of-Extraordinary-Measures-2017_12_12_Final.pdf; \u201cDescription of Extraordinary Measures,\u201d March 16, 2017, available at https://www.treasury.gov/initiatives/Documents/Description_of_Extraordinary_Measures_2017_03_16.pdf; \u201cDescription of Extraordinary Measures,\u201d March 13, 2015, available at https://www.treasury.gov/initiatives/Documents/Debt%20Limit%20Letter%2020150313.pdf.\nNotes: In a January 2018 report, the Congressional Budget Office estimated that an additional $3.5 billion of headroom is available through the Federal Financing Bank. Table I only includes available measures reported by the Treasury. \nHow Long Do Extraordinary Measures Last?\nShort-term fluctuations in federal debt levels provide for substantial uncertainty in how long extraordinary measures can last. Federal balances fluctuate on a day-to-day basis in response to a number of factors, including the timing of payments for Social Security, military benefits, and other programs; interest payments on debt obligations; and the timing of certain receipts. Figure 1 shows federal daily balances to date in FY2018. The reduced variation in daily balances starting in December 2017 reflects the implementation of extraordinary measures.\nFigure 1. Daily Federal Balances, October 3, 2017 \u2013 January 30, 2018\n/\nSource: U.S. Department of Treasury, Daily Treasury Statement (various). \nNotes: Positive numbers indicate daily surpluses, while negative numbers indicate daily deficits.\nMonthly budget outcomes can also fluctuate with the timing of various activities. The federal government tends to record higher net budget surpluses in April (when many individual tax returns are filed) and September (as certain payments are due at the end of the fiscal year) while recording lower balances in other months. Figure 2 presents the average federal monthly account balances from the previous five fiscal years. Data points outside the circle indicate months that have recorded average surpluses from FY2013 through FY2017; points inside the circle represent months that have recorded average deficits in those years.\nA January 31, 2018 CBO report projected that extraordinary measures will be exhausted in the first half of March 2018. That is an earlier projection than indicated in a November 2017 CBO report: the difference is largely due to the passage of the 2017 tax revision (P.L. 115-97), which reduced revenues collected in 2018. Secretary Mnuchin indicated in a January 30, 2018, letter to Congress that the debt issuance suspension period was being extended through February 28, 2018.\nFigure 2.  Average Federal Monthly Account Balance, FY2013-FY2017\n/\nSource: U.S. Department of Treasury, Monthly Treasury Statement (various), and Federal Reserve Bank of St. Louis Economic Research (FRED), Total Federal Outlays and Total Federal Receipts. CRS calculations.\nNotes: Data points outside the circle represent average monthly surpluses; points inside the circle represent average monthly deficits. Monthly figures are in nominal dollars.",
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      "retrieved": "2018-01-26T14:27:49.791780",
      "title": "\u201cExtraordinary Measures\u201d and the Debt Limit",
      "summary": "The statutory debt limit was reinstated on December 9, 2017, at a level that precisely accommodated the federal borrowing undertaken to that date.  On December 11 and 12, 2017, Secretary Mnuchin announced that the Treasury would implement \u201cextraordinary measures\u201d that delay when the debt limit will bind. Additionally, on December 8, 2017, the Bureau of the Fiscal Service suspended sales of certain Treasury securities to extend the Treasury\u2019s ability to meet statutory spending requirements without defaulting on its debt obligations. This Insight briefly examines the debt limit and the use of extraordinary measures, and will be updated periodically to reflect changes in the status of federal borrowing.\nWhat Is the Debt Limit?\nAs part of its \u201cpower of the purse,\u201d Congress uses the statutory debt limit (codified in 31 U.S.C. \u00a73101) as a means of restricting federal debt. Debt subject to the limit is more than 99% of total federal debt, and includes debt held by the public (which is used to finance budget deficits) and debt issued to federal government accounts (which is used to meet federal obligations). The debt limit acts as a congressional check on recent revenue and expenditure trends, though decisions affecting debt levels may have been agreed to by Congress and the Administration well in advance of debt limit deliberations. Some past debt limit legislation has linked debt limit increases with other fiscal policy proposals.\nWhat Are Extraordinary Measures? \nExtraordinary measures represent a series of actions that postpone when Congress must act on debt limit legislation. The authority for using extraordinary measures rests with the Treasury Secretary (codified in 5 U.S.C. \u00a78348 and 5 U.S.C. \u00a78909). Invoking extraordinary measures has delayed required action on the debt limit by periods ranging from a few weeks to several months, depending on when such measures were enacted (see the \u201cHow Long Do Extraordinary Measures Last?\u201d section). Accounts and members of the public that are affected by extraordinary measures must be compensated for the delay in payment that resulted from such actions when the debt limit is subsequently modified. \nOn December 12, 2017, the Treasury announced the extraordinary measures that are currently available. The Fiscal Service suspended issuance of State and Local Government Securities on December 8. A Debt Issuance Suspension Period was invoked on December 11, suspending new investments and redeeming certain existing investments of the Civil Service Retirement and Disability Fund and the Postal Service Retiree Health Benefits Fund. On December 12, the Treasury suspended daily reinvestment of securities held in the G Fund. Similarly, the Treasury may suspend daily reinvestment of Treasury securities held in the Exchange Stabilization Fund. \nTable 1 provides a description of the extraordinary measures used the last three times those measures were implemented. The Treasury estimates that the current implementation of extraordinary measures will provide $242.7 billion in headroom plus $7.3 billion every month that a Debt Issuance Suspension Period is declared. \nTable 1. Use of Extraordinary Measures, 2015-2017\nMeasure\nHeadroom Added in December 2017\nHeadroom Added in March 2017\nHeadroom Added in March 2015\n\nSuspension of reinvestment in Government Securities Investment Fund (G Fund) of the Federal Retirement System\n$208 billion\n$225 billion\n$195 billion\n\nSuspension of invested balance in Exchange Stabilization Fund\n$22 billion\n$23 billion\n$22 billion\n\nDeclaration of a Debt Issuance Suspension Period\n$12.7 billion one-time and $7.3 billion per month\n$87 billion one-time and $7.3 billion per month\n$65 billion one-time and $6.8 billion per month\n\nSuspension of State and Local Government Securities\n$0 (prevents further increases in debt by $3 - $13 billion per month)\n$0\n$0\n\nSource: U.S. Department of Treasury, \u201cDescription of the Extraordinary Measures,\u201d December 12, 2017, available at https://www.treasury.gov/initiatives/Documents/Description-of-Extraordinary-Measures-2017_12_12_Final.pdf; \u201cDescription of Extraordinary Measures,\u201d March 16, 2017, available at https://www.treasury.gov/initiatives/Documents/Description_of_Extraordinary_Measures_2017_03_16.pdf; \u201cDescription of Extraordinary Measures,\u201d March 13, 2015, available at https://www.treasury.gov/initiatives/Documents/Debt%20Limit%20Letter%2020150313.pdf.\nHow Long Do Extraordinary Measures Last?\nShort-term fluctuations in federal debt levels provide for substantial uncertainty in how long extraordinary measures can last. Federal balances fluctuate on a day-to-day basis in response to a number of factors, including the timing of payments for Social Security, military benefits, and other programs; interest payments on debt obligations; and the timing of certain receipts. Figure 1 shows federal daily balances to date in FY2018.\nFigure 1. Daily Federal Balances, October 3, 2017 \u2013 January 9, 2018\n/\nSource: U.S. Department of Treasury, Daily Treasury Statement (various). \nNotes: Positive numbers indicate daily surpluses, while negative numbers indicate daily deficits.\nMonthly budget outcomes can also fluctuate with the timing of various activities. The federal government tends to record higher net budget surpluses in April (when many individual tax returns are filed) and September (as certain payments are due at the end of the fiscal year) while recording lower balances in other months. Figure 2 presents the average federal monthly account balances from the previous five fiscal years. Data points outside the circle indicate months that have recorded average surpluses from FY2013 through FY2017; points inside the circle represent months that have recorded average deficits in those years.\nA November 30, 2017, CBO report stated that were extraordinary measures to be implemented upon reinstatement of the debt limit on December 9, such measures are forecasted to be exhausted in late March or early April 2018, while allowing for the possibility of an earlier or later date of exhaustion.\nFigure 2.  Average Federal Monthly Account Balance, FY2013-FY2017\n/\nSource: U.S. Department of Treasury, Monthly Treasury Statement (various), and Federal Reserve Bank of St. Louis Economic Research (FRED), Total Federal Outlays and Total Federal Receipts. CRS calculations.\nNotes: Data points outside the circle represent average monthly surpluses; points inside the circle represent average monthly deficits. Monthly figures are in nominal dollars.",
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      "source": "EveryCRSReport.com",
      "id": 576832,
      "date": "2017-12-19",
      "retrieved": "2017-12-20T15:10:56.716140",
      "title": "\u201cExtraordinary Measures\u201d and the Debt Limit",
      "summary": "The statutory debt limit was reinstated on December 9, 2017, at a level that precisely accommodated the federal borrowing undertaken to that date.  On December 11 and 12, 2017, Secretary Mnuchin announced that the Treasury would implement \u201cextraordinary measures\u201d that delay when the debt limit will bind. Additionally, on December 8, 2017, the Bureau of the Fiscal Service suspended sales of certain Treasury securities to extend the Treasury\u2019s ability to meet statutory spending requirements without defaulting on its debt obligations. This Insight briefly examines the debt limit and the use of extraordinary measures, and will be updated periodically to reflect changes in the status of federal borrowing.\nWhat Is the Debt Limit?\nAs part of its \u201cpower of the purse,\u201d Congress uses the statutory debt limit (codified in 31 U.S.C. \u00a73101) as a means of restricting federal debt. Debt subject to the limit is more than 99% of total federal debt, and includes debt held by the public (which is used to finance budget deficits) and debt issued to federal government accounts (which is used to meet federal obligations). The debt limit acts as a congressional check on recent revenue and expenditure trends, though decisions affecting debt levels may have been agreed to by Congress and the Administration well in advance of debt limit deliberations. Some past debt limit legislation has linked debt limit increases with other fiscal policy proposals.\nWhat Are Extraordinary Measures? \nExtraordinary measures represent a series of actions that postpone when Congress must act on debt limit legislation. The authority for using extraordinary measures rests with the Treasury Secretary (codified in 5 U.S.C. \u00a78348 and 5 U.S.C. \u00a78909). Invoking extraordinary measures has delayed required action on the debt limit by periods ranging from a few weeks to several months, depending on when such measures were enacted (see the \u201cHow Long Do Extraordinary Measures Last?\u201d section). Accounts and members of the public that are affected by extraordinary measures must be compensated for the delay in payment that resulted from such actions when the debt limit is subsequently modified. \nOn December 12, 2017, the Treasury announced the extraordinary measures that are currently available. The Fiscal Service suspended issuance of State and Local Government Securities on December 8. A Debt Issuance Suspension Period was invoked on December 11, suspending new investments and redeeming certain existing investments of the Civil Service Retirement and Disability Fund and the Postal Service Retiree Health Benefits Fund. On December 12, the Treasury suspended daily reinvestment of securities held in the G Fund. Similarly, the Treasury may suspend daily reinvestment of Treasury securities held in the Exchange Stabilization Fund. \nTable 1 provides a description of the extraordinary measures used the last three times those measures were implemented. The Treasury estimates that the current implementation of extraordinary measures will provide $242.7 billion in headroom plus $7.3 billion every month that a Debt Issuance Suspension Period is declared. \nTable 1. Use of Extraordinary Measures, 2015-2017\nMeasure\nHeadroom Added in December 2017\nHeadroom Added in March 2017\nHeadroom Added in March 2015\n\nSuspension of reinvestment in Government Securities Investment Fund (G Fund) of the Federal Retirement System\n$208 billion\n$225 billion\n$195 billion\n\nSuspension of invested balance in Exchange Stabilization Fund\n$22 billion\n$23 billion\n$22 billion\n\nDeclaration of a Debt Issuance Suspension Period\n$12.7 billion one-time and $7.3 billion per month\n$87 billion one-time and $7.3 billion per month\n$65 billion one-time and $6.8 billion per month\n\nSuspension of State and Local Government Securities\n$0 (prevents further increases in debt by $3 - $13 billion per month)\n$0\n$0\n\nSource: U.S. Department of Treasury, \u201cDescription of the Extraordinary Measures,\u201d December 12, 2017, available at https://www.treasury.gov/initiatives/Documents/Description-of-Extraordinary-Measures-2017_12_12_Final.pdf; \u201cDescription of Extraordinary Measures,\u201d March 16, 2017, available at https://www.treasury.gov/initiatives/Documents/Description_of_Extraordinary_Measures_2017_03_16.pdf; \u201cDescription of Extraordinary Measures,\u201d March 13, 2015, available at https://www.treasury.gov/initiatives/Documents/Debt%20Limit%20Letter%2020150313.pdf.\nHow Long Do Extraordinary Measures Last?\nShort-term fluctuations in federal debt levels provide for substantial uncertainty in how long extraordinary measures can last. Federal balances fluctuate on a day-to-day basis in response to a number of factors, including the timing of payments for Social Security, military benefits, and other programs; interest payments on debt obligations; and the timing of certain receipts. Figure 1 shows federal daily balances to date in FY2018.\nFigure 1. Daily Federal Balances, October 3-December 12, 2017\n/\nSource: U.S. Department of Treasury, Daily Treasury Statement (various). \nNotes: Positive numbers indicate daily surpluses, while negative numbers indicate daily deficits.\nMonthly budget outcomes can also fluctuate with the timing of various activities. The federal government tends to record higher net budget surpluses in April (when many individual tax returns are filed) and September (as certain payments are due at the end of the fiscal year) while recording lower balances in other months. Figure 2 presents the average federal monthly account balances from the previous five fiscal years. Data points outside the circle indicate months that have recorded average surpluses from FY2013 through FY2017; points inside the circle represent months that have recorded average deficits in those years.\nA November 30, 2017, CBO report stated that were extraordinary measures to be implemented upon reinstatement of the debt limit on December 9, such measures are forecasted to be exhausted in late March or early April 2018, while allowing for the possibility of an earlier or later date of exhaustion.\nFigure 2.  Average Federal Monthly Account Balance, FY2013-FY2017\n/\nSource: U.S. Department of Treasury, Monthly Treasury Statement (various), and Federal Reserve Bank of St. Louis Economic Research (FRED), Total Federal Outlays and Total Federal Receipts. CRS calculations.\nNotes: Data points outside the circle represent average monthly surpluses; points inside the circle represent average monthly deficits. Monthly figures are in nominal dollars.",
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      "source": "EveryCRSReport.com",
      "id": 576278,
      "date": "2017-12-08",
      "retrieved": "2017-12-12T14:16:29.697786",
      "title": "\u201cExtraordinary Measures\u201d and the Debt Limit",
      "summary": "The statutory debt limit is scheduled to be reinstated on December 9, 2017, at a level that precisely accommodates the federal borrowing undertaken to date. If Congress has not taken action to modify the debt limit by that time, the Treasury Secretary may choose to implement \u201cextraordinary measures\u201d that delay when the debt limit will bind under current law. This Insight briefly examines the debt limit and the use of extraordinary measures.\nWhat Is the Debt Limit?\nAs part of its \u201cpower of the purse,\u201d Congress uses the statutory debt limit (codified in 31 U.S.C. \u00a73101) as a means of restricting federal debt. Debt subject to the limit is more than 99% of total federal debt, and includes debt held by the public (which is used to finance budget deficits) and debt issued to federal government accounts (which is used to meet federal obligations). The debt limit acts as a congressional check on recent revenue and expenditure trends, though decisions affecting debt levels may have been agreed to by Congress and the Administration well in advance of debt limit deliberations. Some past debt limit legislation has linked debt limit increases with other fiscal policy proposals.\nWhat Are Extraordinary Measures? \nExtraordinary measures represent a series of actions that postpone when Congress must act on debt limit legislation. The authority for using extraordinary measures rests with the Treasury Secretary (codified in 5 U.S.C. \u00a78348 and 5 U.S.C. \u00a78909). Invoking extraordinary measures has delayed required action on the debt limit by periods ranging from a few weeks to several months, depending on when such measures were enacted (see the \u201cHow Long Do Extraordinary Measures Last?\u201d section). Accounts and members of the public that are affected by extraordinary measures must be compensated for the delay in payment that resulted from such actions when the debt limit is subsequently modified. Table 1 provides a description of the extraordinary measures used in 2015 and 2017. Those measures were estimated to provide the Treasury with roughly $350-$400 billion in additional headroom under the debt limit in 2017. \nTable 1. Description of Extraordinary Measures Used in 2015 and 2017\nMeasure\nHeadroom Added in 2017\nHeadroom Added in 2015\n\nSuspension of reinvestment in Government Securities Investment Fund (\u201cG Fund\u201d) of the Federal Retirement System\n$225 billion\n$195 billion\n\nSuspension of invested balance in Exchange Stabilization Fund\n$23 billion\n$22 billion\n\nDeclaration of a Debt Issuance Suspension Period\n$87 billion one-time and $7.3 billion per month\n$65 billion one-time and $6.8 billion per month\n\nSuspension of State and Local Government Securities\n$0 (prevents future increases in debt)\n$0\n\nSource: U.S. Department of Treasury, \u201cDescription of Extraordinary Measures,\u201d March 16, 2017, available at https://www.treasury.gov/initiatives/Documents/Description_of_Extraordinary_Measures_2017_03_16.pdf. U.S. Department of Treasury, \u201cDescription of Extraordinary Measures,\u201d March 13, 2015, available at https://www.treasury.gov/initiatives/Documents/Debt%20Limit%20Letter%2020150313.pdf\nHow Long Do Extraordinary Measures Last?\nShort-term fluctuations in federal debt levels provide for substantial uncertainty in how long extraordinary measures can last. Federal balances fluctuate on a day-to-day basis in response to a number of factors, including the timing of payments for Social Security, military benefits, and other programs; interest payments on debt obligations; and the timing of certain receipts. Figure 1 shows federal daily balances to date in FY2018.\nFigure 1. Daily Federal Balances, October 3 - December 4, 2017\n/\nSource: U.S. Department of Treasury, Daily Treasury Statement (various). \nNotes: Positive numbers indicate daily surpluses, while negative numbers indicate daily deficits.\nMonthly budget outcomes can also fluctuate with the timing of various activities. The federal government tends to record higher net budget surpluses in April (when many individual tax returns are filed) and September (as certain payments are due at the end of the fiscal year) while recording lower balances in other months. Figure 2 presents the average federal monthly account balances from the previous five fiscal years. Data points outside the circle indicate months that have recorded average surpluses from FY2013 through FY2017; points inside the circle represent months that have recorded average deficits in those years.\nA November 30, 2017, Congressional Budget Office report stated that were extraordinary measures to be implemented upon reinstatement of the debt limit on December 9, such measures are forecasted to be exhausted in late March or early April 2018, while allowing for the possibility of an earlier or later date of exhaustion.\nFigure 2.  Average Federal Monthly Account Balance, FY2013 - FY2017\n/\nSource: U.S. Department of Treasury, Monthly Treasury Statement (various), and Federal Reserve Bank of St. Louis Economic Research (FRED), Total Federal Outlays and Total Federal Receipts. CRS calculations.\nNotes: Data points outside the circle represent average monthly surpluses; points inside the circle represent average monthly deficits. Monthly figures are in nominal dollars.",
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