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GAO Debtlimitanalysis

GAO Debtlimitanalysis

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Published by: leejolie on Mar 14, 2011
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United States General Accounting Office
Report to Congressional Requesters
August 1996
DEBT CEILINGAnalysis of ActionsDuring the 1995-1996Crisis
1921 - 1996
United StatesGeneral Accounting OfficeWashington, D.C. 20548Accounting and InformationManagement Division
B-270619August 30, 1996The Honorable William V. Roth, Jr.ChairmanCommittee on FinanceUnited States SenateThe Honorable Bill ArcherChairmanCommittee on Ways and MeansHouse of RepresentativesYour November 9, 1995, and April 25, 1996, letters asked us to review the Executive Branch’sactions when Treasury reached the statutory debt limit of $4.9 trillion established in 1993. Thisreport discusses our analysis of Treasury’s actions during the 1995-1996 debt ceiling crisisrelated to investments and redemptions in federal trust funds and the restoration of lossesincurred. As agreed, we separately provided to the Committees’ staffs a compilation of requested source documents.We are sending copies of this report to the Ranking Minority Members of the Senate Committeeon Finance and the House Committee on Ways and Means and the Chairmen and RankingMinority Members of the Senate and House Appropriations and Budget Committees. We alsoare sending copies to the Secretary of the Treasury and the Director of the Office of Management and Budget. Copies will be made available to others upon request.This report was prepared under the direction of Gregory M. Holloway, Director,Governmentwide Audits who can be reached at (202) 512-9510. Other major contributors arelisted in appendix I.Gene L. DodaroAssistant Comptroller General

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