As America's government hits the debt ceiling, US politics has become a multi-trillion dollar game of chicken. If neither side backs down, America could default on its debts for the first time in history, sparking global economic turmoil. What is the debt ceiling, and how can this crisis ...
Set by Congress, thedebt ceiling, or limit, is the maximum amount of money the U.S. Treasury is authorized to borrow to pay debts incurred by the federal government. Lifting the debt ceiling does not authorize new spending, but instead lets the government spend money on obligations that Cong...
Reminder, the debt ceiling is the limit on the amount of money the US federal government can borrow to pay its bills. And those bills will be coming due pretty soon, around mid-January. When the US hits the debt limit, it can't borrow anymore. That's when the Treasury Department will...
A debate over the debt ceiling is at the center of a dispute over funding that is pushing the possibility of a federal government shutdown to the brink in Washington.
The debt ceiling, which is currently around $31.4 trillion, is the legal limit on the total amount of debt that the federal government can borrow on behalf of the public, including Social Security and Medicare benefits, military salaries and tax refunds. If Congress is unable to increase the...
The debt ceiling is the maximum amount of money that the United States can borrow cumulatively by issuing bonds. The debt ceiling was created under the Second Liberty Bond Act of 1917 and is also known as the "debt limit" or "statutory debt limit." If U.S. government national debt levels...
What is the Debt Ceiling and Why Does the Government Keep Raising It?
Despite Trump's suggestion, economic experts have said they agree that breaching the debt ceiling would certainly lead to economic chaos. The U.S Capitol is seen on Capitol Hill in Washington, Dec. 19, 2024.Anna Rose Layden/Reuters MORE: Trump threatens government shutdown unless d...
Has the U.S. ever breached the debt ceiling? No, although it's come close several times before, most notably in 2011, when lawmakers agreed to raise the debt limit just days before the nation was about to exhaust its borrowing capacity. That led credit ratings agency Standard & ...
But what is the debt ceiling, which is often used a political football – and how could it affect individual Americans if Congress fails to raise the cap? The debt ceiling, which is currently around $22 trillion, is the legal limit on the total amount of debt that the federal government ...