Authors: Retirement and Income Security Section, Domestic Social Policy Division
Abstract: When the federal government's expenditures exceed its income from tax collections, the Treasury may borrow funds by selling bonds to the public. The Treasury also issues bonds that are held by federal trust funds, including the Civil Service Retirement and Disability Fund. All of the bonds issues by the Treasury, whether held by the public or by federal trust funds, comprise the public debt of the United States. When the amount of outstanding debt approaches the statutory maximum, Congress must act either to reduce the public debt or to authorize an increase in the debt limit.
Pages: 4
Date: Updated March 20, 2002
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