The Congressional Research Service ("CRS") reviewed recent increases to the debt limit and the Treasury Secretary's statutory authority to "invoke extraordinary measures" and declare a "debt issuance suspension period."
In an Insight Report, the CRS detailed the federal government's debt limit suspensions between 2013 and 2019 while differentiating these suspensions from recent debt limit increases. The CRS noted that, in October of this year (2021), the federal government raised the debt limit by $480 billion and on December 16 raised the debt limit again. December's Congressional action raised the debt ceiling by $2.5 trillion. The CRS also described the Treasury Secretary's authority to declare a "debt issuance suspension period," during which the Treasury is authorized to expend financial resources from certain funds to meet federal spending obligations.
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