Public Debt Limit

Considers Presidential requests for an increase in the public debt ceiling and a redefinition of the national debt that would include only publicly held Federal obligations.

This report discusses how the total debt of the federal government can increase, a historical overview of debt limits, and how the current economic slowdown has led to higher deficits and thereby a series of debt limit increases, as well as legislation related to these increases.

Considers Administration proposal to increase the permanent public debt ceiling to finance Federal expenditures, especially the Vietnam Conflict. Focuses on jurisdictional relationships between the Federal Reserve System and the Treasury Dept in setting and implementing monetary policy.