The Budget Control Act Increases the Debt Limit by $2.1 Trillion
Created on November 22, 2011
Additional $1.2 trillion projected in 2012
$500 billion added Sept. 21
$400 billion added Aug. 2
$14.294 trillion as of February 12, 2010
The Budget Control Act of 2011—the product of debt limit negotiations in August 2011—allows Congress and the President to raise the debt limit in three tranches. The first $900 billion increase has already occurred. Because the Super Committee failed to reach an agreement, automatic budget cuts totaling $1.2 trillion will be triggered beginning in 2013. Then the debt limit can also be increased by $1.2 trillion to $16.394 trillion.
Sources: U.S. Department of the Treasury, Office of Management and Budget, and Congressional Research Service.