Everything You Ever Wanted To Know About The Debt Ceiling
What is the debt ceiling exactly? It’s a cap set by Congress on the amount of money the federal government may borrow. The limit applies to debt owed to the public (i.e. anyone who buys U.S. bonds) plus debt that the Treasury owes to government trust funds such as those for Social Security and Medicare.
Why does it need to be raised? The debt ceiling needs to be raised periodically because both parties in Congress have approved tax cuts and spending increases over the years, knowing full well they will