Basis in Law

[American_National]

"As of June 2011, the U.S. Treasury calculates that $230 million in United States notes are in circulation, and excludes this amount from the statutory debt limit of the United States. This amount excludes $25 million in United States Notes issued prior to July 1, 1929, determined pursuant to Act of June 30, 1961, 31 U.S.C. 5119, to have been destroyed or irretrievably lost.
[link to www.treasurydirect.gov]

As of September, 2012 - the amount outstanding and in circulation is currently $239 MILLION in United States notes.

See mid way down on page 11 in the link provided below:

http://www.treasurydirect.gov/govt/r...opdm092012.pdf

Between the $239 Million currently outstanding and remaining in circulation + the $25 MILLION they think may have been lost or destroyed ($264 MILLION), there would only be $39 MILLON left that could be currently issued in United States currency notes to reach the $300 MILLION Dollar limit.

F.y.i.