Table 7.1--FEDERAL DEBT AT THE END OF YEAR: 1940-1999 --------------------------------------------------------------------------------------------------------------------------- In Milliond of Dollars As Percentage of GDP ----------------------------------------------------- ----------------------------------------------------- Less: Held Equals: Held by the Public Less: Held Equals: Held by the Public Gross by Federal ------------------------------- Gross by Federal ------------------------------- End of Federal Government Federal Federal Government Federal Fiscal Year Debt Accounts Total Reserve Other Debt Accounts Total Reserve Other System System --------------------------------------------------------------------------------------------------------------------------- 1940......... 50,696 7,924 42,772 2,458 40,314 53.1 8.3 44.8 2.6 42.3 1941......... 57,531 9,308 48,223 2,180 46,043 51.1 8.3 42.9 1.9 40.9 1942......... 79,200 11,447 67,753 2,640 65,113 55.9 8.1 47.8 1.9 45.9 1943......... 142,648 14,882 127,766 7,149 120,617 81.3 8.5 72.8 4.1 68.8 1944......... 204,079 19,283 184,796 14,899 169,897 101.2 9.6 91.6 7.4 84.2 1945......... 260,123 24,941 235,182 21,792 213,390 122.7 11.8 110.9 10.3 100.7 1946......... 270,991 29,130 241,861 23,783 218,078 127.5 13.7 113.8 11.2 102.6 1947......... 257,149 32,810 224,339 21,872 202,467 115.4 14.7 100.6 9.8 90.8 1948......... 252,031 35,761 216,270 21,366 194,904 102.2 14.5 87.7 8.7 79.0 1949......... 252,610 38,288 214,322 19,343 194,979 96.2 14.6 81.6 7.4 74.2 1950......... 256,853 37,830 219,023 18,331 200,692 96.6 14.2 82.4 6.9 75.5 1951......... 255,288 40,962 214,326 22,982 191,344 81.4 13.1 68.4 7.3 61.0 1952......... 259,097 44,339 214,758 22,906 191,852 76.1 13.0 63.1 6.7 56.3 1953......... 265,963 47,580 218,383 24,746 193,637 73.1 13.1 60.0 6.8 53.2 1954......... 270,812 46,313 224,499 25,037 199,462 73.6 12.6 61.0 6.8 54.2 1955......... 274,366 47,751 226,616 23,607 203,009 71.3 12.4 58.9 6.1 52.8 1956......... 272,693 50,537 222,156 23,758 198,398 65.5 12.1 53.4 5.7 47.7 1957......... 272,252 52,931 219,320 23,035 196,285 62.1 12.1 50.0 5.3 44.8 1958......... 279,666 53,329 226,336 25,438 200,898 62.4 11.9 50.5 5.7 44.8 1959......... 287,465 52,764 234,701 26,044 208,657 59.9 11.0 48.9 5.4 43.5 1960......... 290,525 53,686 236,840 26,523 210,317 57.6 10.6 46.9 5.3 41.7 1961......... 292,648 54,291 238,357 27,253 211,104 56.6 10.5 46.1 5.3 40.8 1962......... 302,928 54,918 248,010 29,663 218,347 54.6 9.9 44.7 5.3 39.3 1963......... 310,324 56,345 253,978 32,027 221,951 53.1 9.6 43.5 5.5 38.0 1964......... 316,059 59,210 256,849 34,794 222,055 50.5 9.5 41.1 5.6 35.5 1965......... 322,318 61,540 260,778 39,100 221,678 48.0 9.2 38.9 5.8 33.0 1966......... 328,498 64,784 263,714 42,169 221,545 44.7 8.8 35.9 5.7 30.1 1967......... 340,445 73,819 266,626 46,719 219,907 42.9 9.3 33.6 5.9 27.7 1968......... 368,685 79,140 289,545 52,230 237,315 43.5 9.3 34.2 6.2 28.0 1969......... 365,769 87,661 278,108 54,095 224,013 39.5 9.5 30.0 5.8 24.2 1970......... 380,921 97,723 283,198 57,714 225,484 38.7 9.9 28.7 5.9 22.9 1971......... 408,176 105,140 303,037 65,518 237,519 38.8 10.0 28.8 6.2 22.6 1972......... 435,936 113,559 322,377 71,426 250,951 38.0 9.9 28.1 6.2 21.9 1973......... 466,291 125,381 340,910 75,181 265,729 36.6 9.8 26.8 5.9 20.9 1974......... 483,893 140,194 343,699 80,648 263,051 34.5 10.0 24.5 5.7 18.7 1975......... 541,925 147,225 394,700 84,993 309,707 35.9 9.8 26.1 5.6 20.5 1976......... 628,970 151,566 477,404 94,714 382,690 37.3 9.0 28.3 5.6 22.7 TQ........... 643,561 148,052 495,509 96,702 398,807 36.2 8.3 27.8 5.4 22.4 1977......... 706,398 157,295 549,103 105,004 444,099 36.8 8.2 28.6 5.5 23.2 1978......... 776,602 169,477 607,125 115,480 491,645 36.0 7.9 28.2 5.4 22.8 1979......... 828,923 189,162 639,761 115,594 524,167 34.1 7.8 26.3 4.8 21.6 1980......... 908,503 199,212 709,291 120,846 588,445 34.4 7.5 26.8 4.6 22.3 1981......... 994,298 209,507 784,791 124,466 660,325 33.5 7.1 26.5 4.2 22.3 1982......... 1,136,798 217,560 919,238 134,497 784,741 36.4 7.0 29.4 4.3 25.1 1983......... 1,371,164 240,114 1,131,049 155,527 975,522 41.3 7.2 34.1 4.7 29.4 1984......... 1,564,110 264,159 1,299,951 155,122 1,144,829 42.3 7.1 35.2 4.2 31.0 1985......... 1,816,974 317,612 1,499,362 169,806 1,329,556 45.8 8.0 37.8 4.3 33.5 1986......... 2,120,082 383,919 1,736,163 190,855 1,545,308 50.3 9.1 41.2 4.5 36.6 1987......... 2,345,578 457,444 1,888,134 212,040 1,676,094 52.7 10.3 42.4 4.8 37.6 1988......... 2,600,760 550,507 2,050,252 229,218 1,821,034 54.1 11.4 42.6 4.8 37.9 1989......... 2,867,493 678,157 2,189,336 220,088 1,969,248 55.4 13.1 42.3 4.3 38.1 1990......... 3,206,207 795,841 2,410,366 234,410 2,175,956 58.5 14.5 44.0 4.3 39.7 1991......... 3,598,303 910,362 2,687,942 258,591 2,429,351 63.4 16.0 47.4 4.6 42.8 1992......... 4,001,941 1,003,302 2,998,639 296,397 2,702,243 67.4 16.9 50.5 5.0 45.5 1993......... 4,351,223 1,104,045 3,247,178 325,653 2,921,526 69.1 17.5 51.6 5.2 46.4 1994 estimate 4,676,029 1,203,617 3,472,412 N/A N/A 70.4 18.1 52.3 N/A N/A 1995 estimate 4,960,128 1,314,001 3,646,127 N/A N/A 70.6 18.7 51.9 N/A N/A 1996 estimate 5,267,077 1,438,548 3,828,529 N/A N/A 71.0 19.4 51.6 N/A N/A 1997 estimate 5,601,255 1,571,338 4,029,917 N/A N/A 71.4 20.0 51.4 N/A N/A 1998 estimate 5,953,494 1,716,255 4,237,239 N/A N/A 71.9 20.7 51.1 N/A N/A 1999 estimate 6,305,432 1,869,133 4,436,299 N/A N/A 72.1 21.4 50.7 N/A N/A --------------------------------------------------------------------------------------------------------------------------- N/A: Not available. --------------------------------------------------------------------------------------------------------------------------- Table 7.2--DEBT SUBJECT TO STATUTORY LIMIT: 1940-1999 (in millions of dollars) -------------------------------------------------------------------------------------------------------------- End of Debt Subject End of Debt Subject End of Debt Subject End of Debt Subject Fiscal Year to Limit Fiscal Year to Limit Fiscal Year to Limit Fiscal Year to Limit -------------------------------------------------------------------------------------------------------------- 1940......... 43,219 1956......... 270,619 1971......... 398,650 1985.......... 1,823,775 1941......... 49,494 1957......... 269,120 1972......... 427,751 1986.......... 2,110,975 1942......... 74,154 1958......... 275,395 1973......... 458,264 1987.......... 2,336,014 1943......... 140,469 1959......... 282,419 1974......... 475,181 1988.......... 2,586,869 1944......... 208,077 1960......... 283,827 1975......... 534,207 1989.......... 2,829,770 1945......... 268,671 1961......... 286,308 1976......... 621,556 1990.......... 3,161,223 1946......... 268,932 1962......... 295,374 TQ........... 635,822 1991.......... 3,569,300 1947......... 255,767 1963......... 302,923 1977......... 699,963 1992.......... 3,972,578 1948......... 250,381 1964......... 308,583 1978......... 772,691 1993.......... 4,315,571 1949......... 250,965 1965......... 314,126 1979......... 827,615 1994 estimate. 4,641,097 1950......... 255,382 1966......... 316,293 1980......... 908,723 1995 estimate. 4,924,951 1951......... 253,284 1967......... 323,143 1981......... 998,818 1996 estimate. 5,231,973 1952......... 257,233 1968......... 348,534 1982......... 1,142,913 1997 estimate. 5,566,157 1953......... 264,220 1969......... 356,107 1983......... 1,377,953 1998 estimate. 5,918,402 1954......... 269,379 1970......... 372,600 1984......... 1,572,975 1999 estimate. 6,270,347 1955......... 272,348 -------------------------------------------------------------------------------------------------------------- Table 7.3--STATUTORY LIMITS ON FEDERAL DEBT: 1940-CURRENT ----------------------------------------------------------------------------- Dollar Amount Date and Act History of Legislation of Limit ----------------------------------------------------------------------------- June 25, 1940 54 Stat. 526........ Amended sec. 21, adding new authority for issuance of $4 billion National Defense Series obligations outstanding............ 49,000,000,000 February 19, 1941 55 Stat. 7.......... Amended sec. 21, eliminating authority for $4 billion of National Defense Series obligations and increasing limitation to....... 65,000,000,000 March 28, 1942 56 Stat. 189........ Amended sec. 21, increasing limitation to...................... 125,000,000,000 April 11, 1943 57 Stat. 63......... Amended sec. 21, increasing limitation to...................... 210,000,000,000 June 9, 1944 58 Stat. 272........ Amended sec. 21, increasing limitation to...................... 260,000,000,000 April 3, 1945 59 Stat. 47......... Amended sec. 21, including obligations guaranteed as to principal and interest by the United States and increasing limitation to...................... 300,000,000,000 June 26, 1946 60 Stat. 316........ Amended sec. 21, defining face amount of savings bonds to be current redemption value and decreasing limitation to........... 275,000,000,000 August 28, 1954 68 Stat. 895........ Increasing sec. 21 limitation by $6 billion during period beginning August 28, 1954, and ending June 30, 1955........................... 281,000,000,000 June 30, 1955 69 Stat. 241........ Amended act of August 28,1954, extending increase in limitation until June 30, 1956................ 281,000,000,000 July 9, 1956 70 Stat. 519........ Increased sec. 21 limitation by $3 billion during period beginning July 1, 1956, and ending June 30, 1957............................... 278,000,000,000 Temporary increase terminated July 1, 1957, and limitation reverted to 275,000,000,000 February 26, 1958 72 Stat. 27......... Increased sec. 21 limitation by $5 billion during period beginning February 26, 1958, and ending June 30, 1959........................... 280,000,000,000 September 2, 1958 72 Stat. 1758....... Amended sec. 21, increasing limitation to $283 billion, which with temporary increase of February 26, 1958 made limitation........... 288,000,000,000 June 30, 1959 73 Stat. 156........ Amended sec. 21, increasing limitation to $285 billion and increased sec. 21 limitation by $10 billion during period beginning July 1, 1959, and ending June 30, 1960............................... 295,000,000,000 June 30, 1960 74 Stat. 290........ Increased sec. 21 limitation by $8 billion during period beginning July 1, 1960, and ending June 30, 1961............................... 293,000,000,000 June 30, 1961 75 Stat. 148........ Increased sec. 21 limitation by $13 billion during period beginning July 1, 1961, and ending June 30, 1962............................... 298,000,000,000 March 13, 1962 76 Stat. 23......... Increased sec. 21 limitation by $2 billion (in addition to temporary increase of $13 billion in act of June 30, 1961) during period beginning March 13, 1962, and ending June 30, 1962............... 300,000,000,000 July 1, 1962 76 Stat. 124........ Increased sec. 21 limitation during the periods: (1) beginning July 1, 1962, and ending March 31, 1963, to.......... 308,000,000,000 (2) beginning April 1, 1963, and ending June 24, 1963, to........... 305,000,000,000 (3) beginning June 25, 1963, and ending June 30, 1963, to........... 300,000,000,000 May 29, 1963 77 Stat. 90......... Increased sec. 21 limitation during the periods: (1) beginning May 29, 1963, and ending June 30, 1963, to........... 307,000,000,000 (2) beginning July 1, 1963, and ending August 31, 1963, to......... 309,000,000,000 August 27, 1963 77 Stat. 131........ Increased sec. 21 limitation during the period beginning September 1, 1963, and ending November 30, 1963, to................................. 309,000,000,000 November 26, 1963 77 Stat. 342........ Increased sec. 21 limitation during the periods: (1) beginning December 1, 1963, and ending June 29, 1964, to........... 315,000,000,000 (2) ending June 30, 1964, to........ 309,000,000,000 June 29, 1964 78 Stat. 225........ Increased sec. 21 limitation during the period beginning June 29, 1964, and ending June 30, 1965, to....... 324,000,000,000 June 24, 1965 79 Stat. 172........ Increased sec. 21 limitation during the period beginning July 1, 1965, and ending June 30, 1966, to....... 328,000,000,000 June 24, 1966 80 Stat. 221........ Increased sec. 21 limitation during the period beginning July 1, 1966, and ending June 30, 1967, to....... 330,000,000,000 March 2, 1967 81 Stat. 4.......... Increased sec. 21 limitation during the period beginning March 2, 1967, and ending June 30, 1967, to....... 336,000,000,000 June 30, 1967 81 Stat. 99......... Sec. 21 amended to increase limitation on aggregate outstanding at any time to..................... 358,000,000,000 Sec. 21 amended also to increase the limitation temporarily, beginning July 1, 1968, and each July 1 thereafter for the period beginning July 1 and ending June 29 of each succeeding calendar year by $7 billion, providing an operating limitation of...................... 365,000,000,000 April 7, 1969 83 Stat. 7.......... Amended sec. 21, increasing limitation to $365 billion, and increased sec. 21 limitation by $12 billion during period beginning April 7, 1969, and ending June 30, 1970............................... 377,000,000,000 June 30, 1970 84 Stat. 368........ Amended sec. 21, increasing limitation to $380 billion, and increased sec. 21 limitation by $15 billion during period beginning July 1, 1970, and ending June 30, 1971............................... 395,000,000,000 March 17, 1971 85 Stat. 5.......... Amended sec. 21, increasing limitation to $400 billion, and increased sec. 21 limitation by $30 billion during period beginning March 17, 1971, and ending June 30, 1972............................... 430,000,000,000 March 15, 1972 86 Stat. 63......... Amended sec. 21, to further increase the limitation temporarily by $20 billion during period beginning March 15, 1972, and ending June 30, 1972............................... 450,000,000,000 July 1, 1972 86 Stat. 406........ Amended act of March 15, 1972, striking out June 30, 1972, and inserting in lieu thereof October 31, 1972........................... 450,000,000,000 October 27, 1972 86 Stat. 1324....... Increased sec. 21 limitation during the period beginning November 1, 1972, and ending June 30, 1973..... 465,000,000,000 July 1, 1973 86 Stat. 1324....... Amended act of October 27, 1972, striking out June 30, 1973, and inserting in lieu thereof November 30, 1973........................... 465,000,000,000 December 3, 1973 87 Stat. 691........ Increased sec. 21 limitation during the period beginning December 3, 1973, and ending June 30, 1974..... 475,700,000,000 June 30, 1974 88 Stat. 285........ Increased sec. 21 limitation during the period beginning June 30, 1974, and ending March 31, 1975.......... 495,000,000,000 February 19, 1975 89 Stat. 5.......... Increased sec. 21 limitation during the period beginning February 19, 1975, and ending June 30, 1975..... 577,000,000,000 June 30, 1975 89 Stat. 246........ Increased sec. 21 limitation during the period beginning June 30, 1975, and ending November 15, 1975....... 577,000,000,000 November 14, 1975 89 Stat. 693........ Increased sec. 21 limitation during the period beginning November 14, 1975, and ending March 15, 1976.... 595,000,000,000 March 15, 1976 90 Stat. 217........ Increased sec. 21 limitation during the period beginning March 15, 1976, and ending June 30, 1976..... 627,000,000,000 June 30, 1976 90 Stat. 793........ Increased sec. 21 limitation during the periods: (1) beginning July 1, 1976, and ending September 30, 1976, to...... 636,000,000,000 (2) beginning October 1, 1976, and ending March 31, 1977, to.......... 682,000,000,000 (3) beginning April 1, 1977, and ending September 30, 1977, to...... 700,000,000,000 Temporary increase terminated October 1, 1977, and limitation reverted to........................ 400,000,000,000 October 4, 1977 91 Stat. 1090....... Increased sec. 21 limitation by $352 billion during the period beginning October 4, 1977, and ending March 31, 1978........................... 752,000,000,000 March 27, 1978 92 Stat. 185........ Amended act of October 4, 1977, striking out March 31, 1978, and inserting in lieu thereof July 31, 1978............................... 752,000,000,000 Temporary increase terminated August 1, 1978, and limitation reverted to 400,000,000,000 August 3, 1978 92 Stat. 419........ Increased sec. 21 limitation by $398 billion during the period beginning August 3, 1978, and ending March 31, 1979........................... 798,000,000,000 Temporary increase terminated April 1, 1979, and limitation reverted to 400,000,000,000 April 2, 1979 93 Stat. 8.......... Increased sec. 21 limitation by $430 billion during the period beginning April 2, 1979, and ending September 30, 1979........................... 830,000,000,000 September 29, 1979 93 Stat. 589........ Increased sec. 21 limitation by $479 billion during the period beginning September 29, 1979, and ending May 31, 1980........................... 879,000,000,000 May 30, 1980 94 Stat. 421........ Amended act of September 29, 1979, striking out May 31, 1980, and inserting in lieu thereof June 5, 1980............................... 879,000,000,000 June 6, 1980 94 Stat. 439........ Amended act of September 29, 1979, striking out June 5, 1980, and inserting in lieu thereof June 30, 1980............................... 879,000,000,000 June 28, 1980 94 Stat. 598........ Increased sec. 21 limitation by $525 billion during the period beginning June 28, 1980, and ending February 28, 1981........................... 925,000,000,000 December 19, 1980 94 Stat. 3261....... Increased the total debt limit (composed of $400.0 billion of permanent ceiling, $535.1 billion of temporary ceiling) to........... 935,100,000,000 February 7, 1981 95 Stat. 4.......... Increased the temporary portion of the debt limit to $585.0 billion through September 30, 1980, raising the total debt ceiling to.......... 985,000,000,000 September 30, 1981 95 Stat. 955........ Increased the temporary portion of the debt limit to $599.8 billion for one day--September 30, 1981.... 999,800,000,000 September 30, 1981 95 Stat. 956........ Increased the temporary portion of the debt limit to $679.8 billion through September 30, 1982......... 1,079,800,000,000 June 28, 1982 96 Stat. 130........ Increased the temporary portion of the debt limit to $743.1 billion through September 30, 1982......... 1,143,100,000,000 September 30, 1982 96 Stat. 1156....... Increased the temporary portion of the debt limit to $890.2 billion through September 30, 1983......... 1,290,200,000,000 May 26, 1983 97 Stat. 196........ Eliminated the distinction between permanent and temporary limit with the enactment of a single permanent limit. Raised the debt limit to.... 1,389,000,000,000 November 21, 1983 97 Stat. 1012....... Increased the debt limit to......... 1,490,000,000,000 May 25, 1984 98 Stat. 211........ Increased the debt limit to......... 1,520,000,000,000 July 6, 1984 98 Stat. 313........ Increased the debt limit to......... 1,573,000,000,000 October 13, 1984 98 Stat. 475........ Increased the debt limit to......... 1,823,800,000,000 November 14, 1985 99 Stat. 814........ Increased the debt limit temporarily through December 6, 1985 to........ 1,903,800,000,000 December 12, 1985 99 Stat. 1037....... Increased the debt limit to......... 2,078,700,000,000 August 21, 1986 100 Stat. 818....... Increased the debt limit to......... 2,111,000,000,000 October 21, 1986 100 Stat. 1874...... Increased the debt limit temporarily through May 15, 1987 to............ 2,300,000,000,000 May 15, 1987 101 Stat. 308....... Increased the debt limit temporarily through July 17, 1987 to........... 2,320,000,000,000 July 30, 1987 101 Stat. 542....... Increased the debt limit temporarily through August 6, 1987 to.......... 2,320,000,000,000 August 10, 1987 101 Stat. 550....... Increased the debt limit temporarily through September 23, 1987 to...... 2,352,000,000,000 September 29, 1987 101 Stat. 754....... Increased the debt limit to......... 2,800,000,000,000 August 7, 1989 103 Stat. 182....... Increased the debt limit temporarily through October 31, 1989 to........ 2,870,000,000,000 November 8, 1989 103 Stat. 830....... Increased the debt limit to......... 3,122,700,000,000 August 9, 1990 104 Stat. 403....... Increased the debt limit temporarily through October 2, 1990 to......... 3,195,000,000,000 October 2, 1990 104 Stat. 878....... Increased the debt limit temporarily through October 6, 1990 to......... 3,195,000,000,000 October 9, 1990 104 Stat. 894....... Increased the debt limit temporarily through October 19, 1990 to........ 3,195,000,000,000 October 19, 1990 104 Stat. 1030...... Increased the debt limit temporarily through October 24, 1990 to........ 3,195,000,000,000 October 25, 1990 104 Stat. 1075...... Increased the debt limit temporarily through October 27, 1990 to........ 3,195,000,000,000 October 28, 1990 104 Stat. 1086...... Increased the debt limit temporarily through November 5, 1990 to........ 3,230,000,000,000 November 5, 1990 104 Stat. 1388...... Increased the debt limit to......... 4,145,000,000,000 April 6, 1993 107 Stat. 42........ Increased the debt limit temporarily through September 30, 1993 to...... 4,370,000,000,000 August 10, 1993 107 Stat. 312....... Increased the debt limit to......... 4,900,000,000,000 -----------------------------------------------------------------------------