From CNS News:
The portion of the federal debt that is subject to a legal limit set by Congress closed Monday, August 10, at $18,112,975,000,000, according to the latest Daily Treasury Statement, which was published at 4:00 p.m. on Tuesday.
That, according to the Treasury’s statements, makes 150 straight days the debt subject to the limit has been frozen at $18,112,975,000,000.
$18,112,975,000,000 is about $25 million below the current legal debt limit of $18,113,000,080,959.35.
On July 30, Treasury Secretary Jacob Lew sent a letter to the leaders of Congress informing them that he was extending a “debt issuance suspension period” through October 30.
“$25 million below the current legal debt limit”
In practice, that means that unless Congress enacts new legislation to increase the limit on the federal debt before then, the Treasury will continue for at least the next eleven weeks to issue Daily Treasury Statements that show the federal debt subject to the limit beginning and ending each day frozen just below that limit.
The Daily Treasury Statement for March 13 was the first to show the debt subject to the limit closing the day at $18,112,975,000,000. Every Daily Treasury Statement since then has reported the same thing: the debt closing the day at $18,112,975,000,000.
Every Daily Treasury Statement since Monday, March 16, has also reported the debt beginning and ending each day at $18,112,975,000,000.
Table III-C on the Daily Treasury Statement for August 10 says the debt began the month of August at $18,112,975,000,000, began the day of August 10 at $18,112,975,000,000, and closed the day of August 10 at $18,112,975,000,000.
On March 13, Treasury Secretary Jacob Lew sent an initial letter to House Speaker John Boehner and other congressional leaders informing them that he was planning to declare a “debt issuance suspension period.”
Extraordinary measures to keep the debt from exceeding the limit through at least the end of October
“Beginning on Monday, March 16, the outstanding debt of the United States will be at the statutory limit,” Lew said in that letter. “In anticipation of reaching that date, Treasury has suspended until further notice the issue of State and Local Government Series securities, which count against the debt limit.”
On July 29, Lew sent another letter to the leaders of Congress informing them: “I expect to extend the debt issuance suspension period through October 30.”
Lew explained that he believed the Treasury would be able to continue using “extraordinary measures” to keep the debt from exceeding the limit through at least the end of October.
“The effective duration of the extraordinary measures is subject to considerable uncertainty due to a variety of factors, including the unpredictability of September tax receipts and the normal challenges of forecasting the payments and receipts of the U.S. government months into the future,” Lew told the congressional leaders.