debt ceiling

(redirected from Statutory Debt Limit)
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Noun1.debt ceiling - the maximum borrowing power of a governmental entity
debt - money or goods or services owed by one person to another
national debt ceiling - a limit set by Congress beyond which the national debt cannot rise; periodically raised by Congress
Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Farlex Inc.
References in periodicals archive ?
'Contingent liability should not be classified as real debt as the country will not be able to adopt and have more PPP projects as that kind of debt will be limited by statutory debt limit,' Ms Kenewendo said.
Some forms of bonds count against the taxing body's statutory debt limit (unless the taxing body is a home rule city or village); other forms do not.
(Note: Division C of the bill increases the discretionary defense and non-defense category caps in FY 2018 and FY 2019, freeing federal appropriators to prepare final FY 2018 appropriations bills, and temporarily suspends the statutory debt limit through March 1, 2019.)
For home indebtedness of more than $1.1 million, the taxpayer may deduct only the ratio of the statutory debt limit divided by the total actual debt.
The federal debt is currently over $17.3 trillion--well above the last statutory debt limit of $16.394 trillion--and increasing by over $2 billion every day.
Without an increase in the statutory debt limit, the U.S.
In a letter to Speaker of the House of Representatives John Boehner, late on Friday, Lew said "the Continuing Appropriations Act, 2014 temporarily suspended the statutory debt limit through today, February 7, 2014." "Because Congress has not acted to approve normal borrowing authority, Treasury must begin implementing extraordinary measures that enable us, on a temporary basis, to protect the full faith and credit of the United States and to continue paying the nation's bills," he added.
The statutory debt limit applies to almost all federal debt.
"The budget agreement did not address the statutory debt limit, which will be reached again on February 7, 2014," says Moody's Senior Vice President Steven Hess.
The statutory debt limit restricts the funds that can be borrowed to meet the government's financial obligations.
31, the federal government reached the statutory debt limit of $16.39 trillion.