14th Amendment Agreement For Debt Limit In Contra Costa
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FAQ
Congress has always acted when called upon to raise the debt limit. Since 1960, Congress has acted 78 separate times to permanently raise, temporarily extend, or revise the definition of the debt limit – 49 times under Republican presidents and 29 times under Democratic presidents.
Debt limits are statutory or constitutional constraints on discretionary borrowing by governments. Specifically, debt limits apply where the government has pledged its full faith and credit, supported by the government's power to tax within its jurisdiction, for financial obligations.
The types of debt subject to the limit are specified in the statutes or constitution, or in some cases, may have been determined by the courts, and so a Debt Limit may not apply to all Bonds or municipal obligations of an Issuer (e.g., it may not apply to Revenue Bonds, non-appropriation debt or certificates of ...
