Debt Ceiling Options
AIMD-96-20R: Published: Dec 7, 1995. Publicly Released: Dec 7, 1995.
Additional Materials:
- Full Report:
Contact:
GAO provided information on: (1) options available to the Secretary of the Treasury to meet federal government obligations and stay within the statutory debt limit; and (2) actions taken during the 1984 and 1985 debt ceiling crisis. GAO noted that: (1) during November 1995, Secretary Robert Rubin invoked his statutory authority to suspend investment in the Government Securities Investment Fund and redeem securities held by the Civil Service Retirement and Investment Fund to prevent government obligations from exceeding the debt ceiling; (2) the Secretary cannot exercise such authority until he has determined that a debt issuance suspension period exists; (3) Secretary Rubin did not invoke his authority to suspend investment in the Civil Service Retirement and Disability Fund; (4) the Secretary is required to make the funds whole after the debt crisis has ended; and (5) during the 1984 and 1985 debt ceiling crisis, former Secretary Baker took other actions affecting the trust funds before invoking his statutory authorities including delaying investment of trust fund receipts, redeeming securities of other trust funds earlier than normal, and exchanging Treasury securities held by the Civil Service Trust Fund for securities not subject to the debt ceiling.
Dec 15, 2020
The Nation's Fiscal Health:
Information on the Spending and Revenue Implications of Potential Debt TargetsGAO-21-211: Published: Dec 15, 2020. Publicly Released: Dec 15, 2020.
Oct 7, 2020
-
The Nation's Fiscal Health:
A Long-Term Plan Is Needed for Fiscal SustainabilityGAO-21-161T: Published: Oct 7, 2020. Publicly Released: Oct 7, 2020.
Sep 23, 2020
-
The Nation's Fiscal Health:
Effective Use of Fiscal Rules and TargetsGAO-20-561: Published: Sep 23, 2020. Publicly Released: Sep 23, 2020.
Jan 23, 2020
-
Federal Trust Funds and Other Dedicated Funds:
Fiscal Sustainability Is a Growing Concern for Some Key FundsGAO-20-156: Published: Jan 16, 2020. Publicly Released: Jan 23, 2020.
Dec 19, 2019
-
State and Local Governments' Fiscal Outlook:
2019 UpdateGAO-20-269SP: Published: Dec 19, 2019. Publicly Released: Dec 19, 2019.
Nov 14, 2019
-
Certificated Expenditures:
Executive Office of the President FY 2018 Certificated Expenditures Were Spent for Authorized PurposesGAO-20-139R: Published: Nov 14, 2019. Publicly Released: Nov 14, 2019.
Oct 16, 2019
-
Civilian Personnel:
Additional Guidance and Consistent Data Reporting Could Help Improve the Marine Corps' Budget ManagementGAO-20-148: Published: Oct 16, 2019. Publicly Released: Oct 16, 2019.
Jun 26, 2019
-
The Nation's Fiscal Health:
Actions Needed to Achieve Long-Term Fiscal SustainabilityGAO-19-611T: Published: Jun 26, 2019. Publicly Released: Jun 26, 2019.
Apr 10, 2019
-
The Nation's Fiscal Health:
Action Is Needed to Address the Federal Government's Fiscal FutureGAO-19-314SP: Published: Apr 10, 2019. Publicly Released: Apr 10, 2019.
Mar 27, 2019
-
Fiscal Exposures:
Federal Insurance and Other Activities That Transfer Risk or Losses to the GovernmentGAO-19-353: Published: Mar 27, 2019. Publicly Released: Mar 27, 2019.
Looking for more? Browse all our products here
Explore our Key Issues on Budget and Spending
Explore our other Key Issues here
