Debt Limit: A Complete History

Technical Note: Since 1982, when “Money and Finance” laws were recodified in a new Title 31, the debt limit has been changed or suspended by amending 31 U.S.C. §3101(b). Prior to 1982, a change in the statutory limit was accomplished by amending the first sentence of section 21 of the Second Liberty Bond Act (previously codified at 31 U.S.C. 757b). The …