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 ...
Republicans and said that it was irresponsible to hold the debt limit, the debt ceiling hostage. What changed? The problem here is that they're asking only to get rid of the debt ceiling for a short period of time to allow them to do a massive new tax cut for billionaires and millionai...
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...
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...
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.
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...
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...
The U.S. Senate passed a House-approved bill late Thursday to suspend the national debt limit and put a lid on government spending for two years, and President Joe Biden is expected to sign the legislative compromise into law today. After several long days of negotiation between the White Ho...
National Debt vs. Budget Deficits The federal government runs a budget deficit whenspending exceeds tax collectionsand other revenue. The U.S. Treasury sells Treasury bills, notes, and bonds to make up the difference. The national debt is the aggregate of the federal government's annual budget ...