[jjsheridan5]

Bolobaby is correct. Paying off maturing bonds with new bonds can be done within the ceiling limit.

Since you seem to know what you are talking about, do you know the answer to my question. If the delay between the issuing of a new bond, and the paying of the old one, were to cause a very temporary jump in the debt above the ceiling, would that constitute a violation of the law? I know that there are ways around this (using incoming receipts to pay the principle on the maturing bond, and then the new bond to make other payments -- assuming that the bonds are not all due at same time), I am just curious whether this would result in a technical violation.

[John Semmens]

There need be no delay at all.

The US Treasury is continually issuing new bonds to cover maturing bonds. There is no element of surprise involved—the Treasury knows well in advance which bonds are maturing on which dates and prepares to issue new bonds to coincide with the maturity dates. This action does not increase the total debt and could not, by itself breach the ceiling.

What breaches the ceiling is issuing new bonds for new spending.