Number: 98-453 Title: Debt-Limit Legislation in the Congressional Budget Process Authors: Bill Heniff, Jr., Government and Finance Division Abstract: The gross federal debt consists of the debt held by the public plus the debt held by government accounts. Almost all of the gross federal debt is subject to a public debt limit, as set forth in statute (31 U.S.C. 3101). With a few exceptions, the Treasury Department is able to borrow funds only as the statutory debt limit permits. Pages: 2 Date: June 26, 2008